What is Pierres state income tax deduction

Assignment Help Accounting Basics
Reference no: EM132668171

Problem - Pierre, a cash basis, unmarried taxpayer, had $1,400 of state income tax withheld during 2019. Also in 2019, Pierre paid $455 that was due when he filed his 2018 state income tax return and made estimated payments of $975 toward his 2019 state income tax liability. When Pierre files his 2019 Federal income tax return in April 2020, he elects to itemize deductions, which amount to $15,650, including the state income tax payments and withholdings, all of which reduce his taxable income.

Required -

a. What is Pierre's 2019 state income tax deduction?

b. As a result of overpaying his 2019 state income tax, Pierre receives a refund of $630 early in 2020. The standard deduction for single taxpayers for 2019 was $12,200. How much of the $630 will Pierre include in his 2020 gross income?

Reference no: EM132668171

Questions Cloud

How much of the will Derek include in his gross income : Derek receives a refund of $435 early in 2020. How much of the $435 will Derek include in his 2020 gross income
What information did you find to be the most valuable : Reflect on the information covered in this course. What information did you find to be the most valuable and why? Be specific.
Processes oriented toward customer satisfaction : Define project process and how organizations benefit from adopting those processes oriented toward customer satisfaction.
Determine the cost that assigned to alpha work in process : October 1, 2017, Alpha Company started a new production,Determine the cost that should be assigned to Alpha work in process inventory at the end of October 2017
What is Pierres state income tax deduction : Pierre, a cash basis, unmarried taxpayer, had $1,400 of state income tax withheld during 2019. What is Pierre state income tax deduction
What ethical considerations are important to research : Researchers must protect participants and be aware of appropriate methods for obtaining information. What ethical considerations are important to research?
Determine the real estate taxes apportioned : Determine the real estate taxes apportioned to and deductible by the seller, Tabitha, and the amount of taxes deductible by Ramona
What amount may Barbara include in expense deduction : Before considering the AGI limitation, what amount may Barbara include in computing her medical expense deduction
Calculate the equity value-debt value-firm value : Calculate the equity value, debt value, firm value, stock price, debt equity ratio, and EPS under the current capital structure.

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.

  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!

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