User Account

All Pages

This year mary received a 200 refund of state income taxes

Assignment Help Accounting Basics
Reference no: EM13575146

This year Mary received a $200 refund of state income taxes that she deducted on her tax return last year. Mary included a total of $4,000 of state income taxes when she itemized deductions last year. What amount of the refund, if any, should Mary include in her gross income this year?

A. $200 is included because Mary itemized her deductions last year.

B. $200 is included if itemized deductions exceeded the standard deduction by $200.

C. $200 is included because itemized deductions exceeded the standard deduction.

D. $200 is included even if Mary claimed the standard deduction.

E. None of these - refunds of state income taxxes are not included in gross income.

Reference no: EM13575146

Questions Cloud

In lizzie shoes experience gift cards that have not been : in lizzie shoes experience gift cards that have not been redeemed within 12 months are not likely to be redeemed.
A companys income statement disclosed 45000 of investment : a companys income statement disclosed 45000 of investment revenue on equity method investments. the company did not
How do purchasing-power parity interest rate parity and : how do purchasing-power parity interest rate parity and the fisher effect explain the relationship among the current
A firm expects to have available 500000 of earnings in the : a firm expects to have available 500000 of earnings in the coming year which it will retain for reinvestment purposes.
This year mary received a 200 refund of state income taxes : this year mary received a 200 refund of state income taxes that she deducted on her tax return last year. mary included
In a typical month the jeremy corporation receives 80 : in a typical month the jeremy corporation receives 80 checks totaling 156000. there are delayed four days on average.
Use the excel template for this model to check the current : the friendly neighbor grocery store has a single checkout stand with a full-time cashier. customers arrive randomly at
The following sales are predicted for a companys next four : the following sales are predicted for a companys next four months month units september 480 october 560 november 600
Quantity variances for direct cost categories direct : quantity variances for direct cost categories direct materials and direct labor are based on differences between the

Reviews

Write a Review

Accounting Basics Questions & Answers

  Average property tax per unit

To the nearest whole cent, what should be the average property tax per unit at a sales volume of 41300 units? (Assume that this sales volume is within the relevant range.)

  Create a resource allocation plan for a project of your

create a resource allocation plan for a project of your choice. to create a resource allocation plan you need to have a

  The irs decides to audit the parent company and argues that

global computer corporation manufactures its laptops in asia and sells laptops internationally. the company produces a

  Concepts of consolidated financial statements

Kordel Inc. holds 75% of the outstanding common stock of Raxston Corp. Raxston currently owes Kordel $500,000 for inventory acquired over the past few months. In preparing consolidated financial statements, what amount of this debt should be elimi..

  Hand out wholesalers has sold inventory to jones hardware

hand out wholesalers has sold inventory to jones hardware under the agreement of fob shipping point. cost of shipping

  The equity method of accounting for investments

requires a year-end adjustment to revalue the stock to lower of cost or market

  Should the sec eventually approve the conversion

Throughout our textbook, the authors continually points out differences between the financial accounting rules in the U.S. (GAAP) and internationally (IFRS).

  Equal annual investments into the fund

Instead of investing the entire $1,000,000, Lee invests $300,000 today and plans to make 9 equal annual investments into the fund beginning one year from today. What amount should the payments be if Lee plans to establish the $1,898,000 foundation..

  Work with the iasb in such a cooperative manner

For years the FASB had little interest in pursuing international harmonization projects. What prompted its seemingly new interest in 2002 to work with the IASB in such a cooperative manner?

  Taxes under the lifo assumption

If the income tax rate is 30% and the amount of income taxes paid would be $300 greater if the LIFO assumption were used, what would be the amount of income before taxes under the LIFO assumption?

  How to make more realistic plans for future ventures

By using long term financial information and recording that information visually (sometimes) with graphs or portfolios, hospitals can keep track of how they are doing financially and make more realistic plans for future ventures? 50-100 words plea..

  What would be the risks and benefits of a young healthy

what would be the risks and benefits of a young healthy person choosing a managed care plan? what would be the risks

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: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

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