TAXES: PART 1 In 2019 John (who is single) has adjusted aross income of $80,000. He has the following information in connection with taxes paid: ** Est = Estimated tax payment FEDERAL PA PGH INCOME INCOME WAGE TAX TAX TAX 1000 3000 700 4th Qtr-2018 Est pd 1-15-19 Pd w/2018 extension 4-15-19 Due w/2018 return 10-15-19 1st Qtr-2019Est pd 4-15-19 2nd Qtr-2019Est pd 6-15-19 1500 1500 600 3rd Qtr-2019Est pd 9-15-19 4th Qtr-2019Est pd 1-15-20 1500 1550 200 200 - 600 Taxes withheld from wages during 2019 5000 1000 500 Overpaid Pgh tax for 2018 - City told to apply overpayment to 1st Qtr-2019 Pgh Estimate instead of refund 200 Overpaid PA tax for 2018 - PA told to apply overpayment to 1st Qtr-2019 Pa estimate instead of refund 600 Inheritance tax paid on inheritance from grandmother 2,000 2,500 Real estate taxes paid into mortgage escrow account Real estate taxes disbursed from mortgage escrow account to taxing authorities 2,400 Sales taxes per IRS Tables Sales tax paid on new car (personal use) Sales tax paid on new furniture IRS 1,200 1,000 200 skolel local looo 4500 +62+ lo 500 Io 1200 X loove 2eo. 3466 Xoc 2001 Rou 1100 2400 400 200 Refluned 2400 to do Pittsburgh Local Services tax PA Supplemental Unemployment Insurance Tax 52 100 NEQUIRED: Calculate the MAXIMUM allowable itemized deduction for taxes paid AFTER LIMITATIONS for 2019. check answer $7,052 TAXES - PART 2 Assume the same information except that the real estate tax information is as follows: 6,200 Real estate taxes paid into mortgage escrow account Real estate taxes disbursed from mortgage escrow account to taxing authorities 6,000 check answer $10,000 TAXES: PART 1 In 2019 John (who is single) has adjusted aross income of $80,000. He has the following information in connection with taxes paid: ** Est = Estimated tax payment FEDERAL PA PGH INCOME INCOME WAGE TAX TAX TAX 1000 3000 700 4th Qtr-2018 Est pd 1-15-19 Pd w/2018 extension 4-15-19 Due w/2018 return 10-15-19 1st Qtr-2019Est pd 4-15-19 2nd Qtr-2019Est pd 6-15-19 1500 1500 600 3rd Qtr-2019Est pd 9-15-19 4th Qtr-2019Est pd 1-15-20 1500 1550 200 200 - 600 Taxes withheld from wages during 2019 5000 1000 500 Overpaid Pgh tax for 2018 - City told to apply overpayment to 1st Qtr-2019 Pgh Estimate instead of refund 200 Overpaid PA tax for 2018 - PA told to apply overpayment to 1st Qtr-2019 Pa estimate instead of refund 600 Inheritance tax paid on inheritance from grandmother 2,000 2,500 Real estate taxes paid into mortgage escrow account Real estate taxes disbursed from mortgage escrow account to taxing authorities 2,400 Sales taxes per IRS Tables Sales tax paid on new car (personal use) Sales tax paid on new furniture IRS 1,200 1,000 200 skolel local looo 4500 +62+ lo 500 Io 1200 X loove 2eo. 3466 Xoc 2001 Rou 1100 2400 400 200 Refluned 2400 to do Pittsburgh Local Services tax PA Supplemental Unemployment Insurance Tax 52 100 NEQUIRED: Calculate the MAXIMUM allowable itemized deduction for taxes paid AFTER LIMITATIONS for 2019. check answer $7,052 TAXES - PART 2 Assume the same information except that the real estate tax information is as follows: 6,200 Real estate taxes paid into mortgage escrow account Real estate taxes disbursed from mortgage escrow account to taxing authorities 6,000 check answer $10,000
