Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Problem 5-19 Taxes (LO 5.7) Laura is a single taxpayer living in New Jersey with adjusted gross income for the 2021 tax year of

image text in transcribedimage text in transcribed

Problem 5-19 Taxes (LO 5.7) Laura is a single taxpayer living in New Jersey with adjusted gross income for the 2021 tax year of $86,000. Laura's employer withheld $8,400 in state income tax from her salary. In April of 2021, she pays $600 in additional state taxes for her prior year's tax return. The real estate taxes on her home are $2,100 for 2021, and her personal property taxes, based on the value of the property, amount to $130. Also, she paid $80 for state gasoline taxes for the year. Complete the taxes section of Schedule A below to report Laura's 2021 deduction for taxes assuming she chooses to deduct state and local income taxes. If an amount is zero, enter "0". Enter all amounts as positive numbers. Taxes You Paid 5 State and local taxes a State and local income taxes or general sales taxes. You may include either income taxes or general sales taxes on line 5a, but not both. If you elect to include general sales taxes instead of income taxes, check this box... b State and local real estate taxes (see instructions). c State and local personal property taxes. d Add lines 5a through 5c..... 5a 5b 2,100 5c 130 5d e Enter the smaller of line 5d or $10,000 ($5,000 if married filing separately)..... 5e 6 Other taxes. List type and amount

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Intermediate Accounting

Authors: Kin Lo, George Fisher

Volume 1, 1st Edition

132612119, 978-0132612111

More Books

Students also viewed these Accounting questions