QUESTION 1 Brian, a self-employed individual, and his wife, Mary, who works for a CPA firm,...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
QUESTION 1 Brian, a self-employed individual, and his wife, Mary, who works for a CPA firm, have the following state income tax payments: $1,000 estimated state income tax paid in 2021 for tax year 2020 $4,500 estimated state income tax paid in 2021 for tax year 2021 $1,500 estimated state income tax paid in 2022 for tax year 2021 $2,000 withheld in 2021 from Mary's paychecks Refund of $600 received in 2021 for a 2020 state income tax overpayment. They did itemize deductions in 2020 and would have even without the state tax deduction. Balance due on their 2021 state income tax return of $1,400, paid April 1, 2022 What is the amount of Brian and Mary's state income tax itemized deduction for their 2021 Federal income tax return Since Brian and Mary did itemize their deductions in 2020, how much of the $600 state income tax refund they received in 2021 would be taxable? they had not itenced their deductions in 2020, how much of the $000 state income tax refund received in 2001 would be taxable? PLEASE DO NOT ENTER ANY COMMAS OR YOUR OTHERWISE CORRECT ANSWER WILL BE MARKED WRONG! ENTER THE NUMERAL OIF THE ANSWER IS ZERO. NOT THE WORD NONE NOR THE LETTER O QUESTION 1 Brian, a self-employed individual, and his wife, Mary, who works for a CPA firm, have the following state income tax payments: $1,000 estimated state income tax paid in 2021 for tax year 2020 $4,500 estimated state income tax paid in 2021 for tax year 2021 $1,500 estimated state income tax paid in 2022 for tax year 2021 $2,000 withheld in 2021 from Mary's paychecks Refund of $600 received in 2021 for a 2020 state income tax overpayment. They did itemize deductions in 2020 and would have even without the state tax deduction. Balance due on their 2021 state income tax return of $1,400, paid April 1, 2022 What is the amount of Brian and Mary's state income tax itemized deduction for their 2021 Federal income tax return Since Brian and Mary did itemize their deductions in 2020, how much of the $600 state income tax refund they received in 2021 would be taxable? they had not itenced their deductions in 2020, how much of the $000 state income tax refund received in 2001 would be taxable? PLEASE DO NOT ENTER ANY COMMAS OR YOUR OTHERWISE CORRECT ANSWER WILL BE MARKED WRONG! ENTER THE NUMERAL OIF THE ANSWER IS ZERO. NOT THE WORD NONE NOR THE LETTER O
Expert Answer:
Posted Date:
Students also viewed these accounting questions
-
Figure is an over head view of a thin uniform rod 0.800 m and mass m rotating horizontally at angular speed 20.0 rad/s about an axis through its center. A particle of mass M/3.00 initially attached...
-
3 Rational decision-making is less likely to occur in a multicultural team than in a single-culture team?. Develop the argument, giving examples from your own experience.
-
Zigs Industries had the following operating results for 2011: sales = $27,360; cost of goods sold = $19,260; depreciation expense = $4,860; interest expense = $2,190; dividends paid = $1,560. At the...
-
Ski and Board are two identical firms of identical size operating in identical markets. Ski is unlevered with assets valued at $11000 and has 550 shares of stock outstanding. Board also has $11000 in...
-
\f
-
21. How a degradation process is modeled? 22.Give the homogenity property in Linear Operator 23. Give the relation for degradation model for continuous function 24.which is called the superposition...
-
28. Define Gray-level interpolation 29. What is meant by Noise probability density function? 30. Why the restoration is called as unconstrained restoration? 31. Which is the most frequent method to...
-
34. Give the relation for guassian noise 35. Give the relation for rayleigh noise 36. Give the relation for Gamma noise 37. Give the relation for Exponential noise 38. Give the relation for Uniform...
-
41. What is pseudo inverse filter? 42. What is meant by least mean square filter? 43. Give the difference between Enhancement and Restoration PART-B 1. Discuss different mean filters
-
1.Discuss different mean filters 2. Draw the degradation model and explain. 3.Write short notes on Median Filters
-
Olivia owns a hairdressing salon in Parramatta named Hairy Armpits Pty Ltd ' Hairy Armpits' in a quiet shopping centre with: a pharmacy, " Drugs are great, Mate ", a vetinarian, " Putting the cat...
-
Why is delivery reliability more important than delivery speed?
-
Show how ideas from the chapter add to your understanding of the integrating themes.
-
Give examples of the way in which the structure of an organisation can affect communication.
Study smarter with the SolutionInn App