User Account

All Pages

How is this refund treated for income tax purposes

Assignment Help Accounting Basics
Reference no: EM132840161

Question - Tobias overpays his 2018 state tax by $500 and gets a refund of $510 (500 plus $10 in interest) in 2019. How is this refund treated for income tax purposes?

a. $500 will be taxed at the state and federal levels

b. Only the $10 will be taxed at the state level, but $510 will be taxed at the federal level

c. $510 will be taxed at the state and federal levels

d. $10 will be taxed at the state and federal levels, but only using the blind widower filing status rates

Reference no: EM132840161

Questions Cloud

Discuss about the self-contained programs for ED students : There are belief's or arguments that self-contained programs for ED students are a bad idea. The main argument really are: students with social/emotional.
Contrast philosophies of the federalists and anti-federalist : Contrast the philosophies of the Federalists and the Anti-Federalists that emerged during the time period of the Constitutional Convention through ratification.
Identify and resolve poor work performance : Identify and resolve poor work performance. Provide following 3 examples each of poor work performance in your workplace. (AUSTRALIA POST-RETAIL)
Presidential and parliamentary systems : Discuss the differences and similarities between the presidential and parliamentary systems, including the executive and legislative branches.
How is this refund treated for income tax purposes : Tobias overpays his 2018 state tax by $500 and gets a refund of $510 (500 plus $10 in interest) in 2019. How is this refund treated for income tax purposes
Define question that will help you understand your issue : What is one focused question that will help you understand your issue? What is a second focused question that will help you understand your issue?
Discuss the gender makeup of the texas legislature : Discuss the gender, racial and educational makeup of the Texas Legislature. Does it adequately represent the population of the state?
Outline the four-step innovation process : 1. Outline the four-step innovation process from idea to imitation with example?
What is the journal entry for the payment of the note : The loan was made by First City Bank under a short-term financing arrangement. What is the journal entry for the payment of the note at maturity

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Theory of interest - term structure of interest rates

Term Structure of Interest Rates

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +91-977-207-8620

Phone: +91-977-207-8620

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd