Myrna and geoffrey filed a joint tax return

Assignment Help Taxation
Reference no: EM13995107

Myrna and Geoffrey filed a joint tax return in 2014. Their AGI was $88,325, and itemized deductions were $15,200, which included $12,160 in state income tax. In 2015, they received a $7,296 refund of the state income taxes that they paid in 2014. The standard deduction for married filing jointly in 2014 was $12,400.Under the tax benefit rule, $   of the state income tax refund is included in gross income in 2015

Reference no: EM13995107

Questions Cloud

How to get basic understanding of indian tax law : How do one learn Indian Tax law or at least how to get basic understanding of Indian tax law ?
If dot product & cross product of two vectors are same then : If dot product & cross product of two vectors are same then find out the angle between them.
What do you mean by international tax : What do you mean by International Tax ? Whether there is any separate law for such International tax ?
Prepare the appropriate adjusting entry for vacations : Prepare the appropriate adjusting entry for vacations earned but not taken in 2011.
Myrna and geoffrey filed a joint tax return : Myrna and Geoffrey filed a joint tax return in 2014. Their AGI was $88,325, and itemized deductions were $15,200, which included $12,160 in state income tax. In 2015, they received a $7,296 refund of the state income taxes that they paid in 2014. The..
Taxes are filed in the us largely on the honor system : Taxes are filed in the US largely on the honor system.  The IRS "matches" a number of major documents such as W-2s, mortgage interest, interest and dividend income, etc.
Determine the liability for gift certificates to be reported : What is the appropriate classification (current or noncurrent) of the liabilities at December 31, 2011? Why?
Most tax-friendly states in the u.s. : Texas was mentioned as an example of that scenario. Also, the majority of states allow municipalities and counties to add additional taxes such as sale levies to be combined with states sales taxes, which add up to 10% in some places (Block, 2015).
Kinds of ways can financial institution get tax exemptions : What kinds of ways can financial institution get tax exemptions?

Reviews

Write a Review

Taxation Questions & Answers

  Taxable income

1.At the end of 2012, Payne Industries had a deferred tax asset account with a balance of $30 million attributable to a temporary book tax difference of $75 million in a liability for estimated expenses.

  Determine the price at which pizza inc. is selling

1.On June 30, 2013, Papa Phil Inc. leased 200 pizza ovens for its chain of restaurants from Pizza Inc.

  Prepare the slides and notes for your presentation

Prepare the slides and notes for your presentation following the format below. Your presentation should be limited to a maximum of five slides.

  Under a divorce agreement executed this year

1) Under a divorce agreement executed this year, an ex-wife receives from her ex-husband cash of $25,000 annually for ten years. The agreement does not say that the payments are excludible from gross income. Does the ex-wife have gross income and, if..

  Ben grimm is a 40 partner in we four llc a super-heroing

ben grimm is a 40 partner in we four llc a super-heroing organization. he does most of the heavy lifting. reed has 40

  Discuss why a small business might be able to deduct assets

Discuss why a small business might be able to deduct a greater percentage of the assets it places in service during the year than a larger business.

  Determine whether transactions is taxable

Orange distributes the Yellow stock to the Orange stockholders and retains the land - Determine whether of the transactions is taxable

  How to prepare journal entry to record paynes income taxes

At the end of 2013, the temporary difference is $70 million. Payne has no other temporary differences and no valuation allowance for the deferred tax asset. Taxable income for 2013 is $180 million and the tax rate is 40%.

  Gregory and lulu clifden tax problem

Gregory and lulu clifden tax problem - Gregory R. and Lulu B. Clifden live with their family at the Rock Glen House Bed & Breakfast, which Gregory operates.

  How do they determine the amount of the payment

Conceptually, when taxpayers receive annuity payments, how do they determine the amount of the payment they must include in gross income?

  Determine the portion of the buildings adjusted basis

Determine the portion of the building's adjusted basis that is treated as debt-financed property and the amount of the mortgage that is ac- quisition indebtedness.

  Compute kit inc''s general rate income pool

Compute Kit Inc.'s general rate income pool (GRIP) account balance as of December 31, 2011.

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!

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