A taxpayer with $3,000 in unreimbursed employee expenses and an AGI of $50,000 will have what deductible value of these expenses on his state return? (Assume that all expenses are valid in the state of California) 1000 O 2000 O3000

A taxpayer with $3,000 in unreimbursed employee expenses and an AGI of $50,000 will have what deductible value of these expenses on his state return? (Assume that all expenses are valid in the state of California) 1000 O 2000 O3000

Income Tax Fundamentals 2020

38th Edition

ISBN:9780357391129

Author:WHITTENBURG

Publisher:WHITTENBURG

Chapter1: The Individual Income Tax Return

Section: Chapter Questions

Problem 6MCQ

See similar textbooks

Related questions

Q: An unmarried taxpayer with AGI of $120,000 in 2021 has a tax liability of $21,000. The taxpayer's…

A: The explanation about the prepaid tax during the Fiscal year: According to The IRS, taxes must be…

Q: Guy who uses the cash method of accounting, lives in a state that imposes an income tax. During…

A: Guy uses the cash method of accounting, His deduction of 2020 is limited to tax paid in 2019 $ 300…

Q: The taxpayer is a resident citizen who is married. The spouse had a gross compensation income of…

A: Gross compensation income It is the taxable income, that is arising from an employer/employee…

Q: What is the taxable income if the taxpayer had chosen itemized deduction? A citizen who is married,…

A: Calculation of taxable Income

Q: Jackie forecasts the following for the taxable year 2023. Gross profit from regular operations -…

A: Working Note :- Optional standard…

Q: Jackie forecasts the following for the taxable year 2023.

A: In Phillipines there is a system of optional standard deduction for…

Q: suppose a certain a government employee earns a cna of 18,000 290 1.0.9 at 13th month pay of 27891…

A: The Collected Negotiation Agreement (CNA) between the government and government…

Q: 19 A taxpayer registered in 2010 made available the following financial information for TY2021:…

A: Beginning July 1, 2020, the CREATE Act reduces the corporate income tax rate from 30% to 25%. The…

Q: 1. In 2020, Amy receives $8,000 (of which $3,000 is earnings) from a qualified tuition program. She…

A: Qualified tuition Program (QTP) Contribution in the QTP including earnings is exempt if it used to…

Q: The taxpayer is a resident citizen and the taxable period is the 2nd quarter.…

A: On an accrual basis, An expense is charged in the profit and loss account that is incurred in the…

Q: state income taxes, personal property taxes of $500, and local real estate taxes of $5,000 on her…

A: Itemized deductions are defined as the expenses which are eligible, that the individual taxpayers…

Q: What is the taxable income if the taxpayer had chosen optional standard deduction? A citizen who is…

A: In the context of the given question, we need to compute the taxable income of a married individual…

Q: The taxpayer is a resident citizen taxpayer. His net taxable income is 1,300,000. Compute for his…

A: Tax is a charge which is charged on the taxable income of a taxpayer earned during the year by a…

Q: Harold is a resident Citizen,vat tax payer. taxable period:2020 Gross sales php 5,000,000 other…

A: Optimal Tax - It is a tax amount calculated on the income without considering any deduction out of…

Q: A taxpayer is contributing to an RRSP for the 2021 tax year. The taxpayer's earned income in 2020…

A: GIVEN A taxpayer is contributing to an RRSP for the 2021 tax year. The taxpayer's earned income in…

Q: Taxpayer enjoyed its last year of its income tax holiday in 2020. For that year, it reported however…

A: Introduction Net Operating Loss Carryover Deduction (NOLCO) is available to the companies who have…

Q: A taxpayer received a notice from the BIR to file his 2020 income tax return not later than January…

A: Surcharge- Surcharge refers to an addition of extra charge on the decided or identified price. In…

Q: A taxpayer registered in 2010 made available the following financial information for TY2021:…

A: Under CREATE law, tax rate for domestic corporation is 20% to 25% depending on the net income of the…

Q: A Single taxpayer has a state AGI of $765,000 and federal AGI of $785,000. Itemized deductions total…

A: Itemized deduction is the amount of deduction that is subtracted from the gross income and it…

Q: How much is the taxable income if the taxpayer is an ordinary partnership and opted for OSD? Group…

Q: A taxpayer made available the following financial information: Gross sales - Php 10,000,000…

A: Taxable income is the foundation income on which taxes are levied. It includes some or all of the…

Q: Maria is a resident Citizen, non vat tax payer. taxable period:2020 Gross sales php 2,500,000…

A: Optimal Tax - It is the amount of tax calculation for the maximum income earned during the year to…

Q: A taxpayer made available the following financial information: Gross receipts - Php…

A: Total allowable deduction if the taxpayer is a resident citizen = Cost of service + Depreciation…

Q: schedular tax on taxable income.

A: Correct Answer :- C The schedular tax on taxable income.

Q: A taxpayer received a notice from the BIR to file his 2020 income tax return not later than January…

A: Failure to pay tax due according to rules and regulations before the stipulated date attracts the…

Q: A taxpayer registered in 2020 made available the following financial information for TY2021 :…

A: As per CREATE law, if income of domestic corporation is less than 5 million, then tax rate will be…

Q: Mang Panday, a resident citizen taxpayer approached you and presented the following- * Description…

A: The calculation solution for the above mentioned question is given in the following steps.

Q: During the current year, Mr. and Mrs. West paid the following taxes: Property taxes on residence…

A: Taxes are the charges levied by the state and central government on total income generate by an…

Q: A single taxpayer has the following information for 2020: AGI State income taxes State sales tax…

A: Introduction: A taxpayer is any individual or corporate organization that pays taxes to the federal,…

Q: Balance Sheet: Asset – Php 500,000 Liability – Php 100,000 Stockholders' Equity – Php 400,000…

A: Income tax is a tax that is paid on the income of a company, individual, AJP, BOI (i.e.on person)…

Q: A man earned wages of $54,400, received $1200 in interest from a savings account, and contributed…

A: An itemised deduction seems to be an expense that may be deducted from your adjusted gross income…

Q: The taxpayer is a domestic corporation and the tax period is 2021. Compute for the exempt income…

A: Income of domestic corporation from all over the world is subject to tax. However dividend received…

Q: the lifetime learning credit

A: Lifetime learning credit is a deduction available from tax payable in respect of expenditure…

Q: A single person has taxable income of $85,000 per year. She earns $1,800 in interest from a…

A: Income tax is charged on the income which a person earns during the previous year. It includes…

Q: senior citizen or PWDs? a. 20,000 b. 25,000 c. 30,000 d. 40,000

A: Taxpayer reported gross non-VAT sales of P100,000 to a senior citizen who is at the same time a…

Q: A taxpayer pays 22% on the federal return for their ordinary income (including some short-term…

A: California taxes all capital gains as regular income. Thus, the capital gain taxes ranges between 1%…

Q: hich of the following statements is true? O If a taxpayer places a 40% business use automobile in…

A: MACRS provisions are applicable to Listed property and luxury Automobiles In that case, the Taxpayer…

Q: P24,291.78, and he has no other benefits. How much of his additional earnings will be taxed? B.…

A: We’ll answer the first question since the exact one wasn’t specified. Please submit a new question…

Q: An investor has a taxable income of $125997. He has an investment property which earns $21780 in…

A: The rental income is passive incomes and are charged specifically at a rate of 30% on the gross…

Q: eason. You find that you paid $3,296.44 in Federal Taxes. Using your taxable income and the tax…

A: Answer You receive a tax refund of $280.44 because you paid more taxes last year than you should…

Q: The taxpayer is a resident citizen and the taxable period is 2021. Compute for the GROSS income…

A: Gross income: It implies to the income before deducting for any operating expenses incurred by the…

Q: A taxpayer is itemizing their return and they're trying to calculate the deductible amount of state…

A: Itemized deductions: It the amount of deduction that can be deducted from the adjusted gross income…

Q: A taxpayer made available the following financial information: Gross sales - Php 10,000,000 Cost…

A: According to the Phillipines taxation, Optional standard deduction is available to individual tax…

Q: In its first tax year, the Vasquez Estate generated $50,000 of taxable interest income and $30,000…

A: Following is the calculation of executor assign as a Form 706 deduction for the payment of the fess:

Q: If Juan Da Kuan is a resident citizen and is earning purely business income for 2018 taxable year…

A: Net taxable is calculated after reducing the deductible expenses from the income. Income should be…

Q: Mr. Lim ran for a government position during the country’s 2019 elections. He received campaign fund…

A: The campaign dund donations shall not be taxable in the hands of recepient because it is not given…

Q: A single person has taxable income of $52,000 per year. He contributes $1,000 to his company’s…

A: Flexible Spending Account : It is a type of account which is like savings account for keeping aside…

Q: A resident citizen obtains P9,500 each from the following sources, net of final tax. Under which of…

Concept explainers

Fringe Benefit Tax

Fringe benefits are in addition to the compensation that companies give to their employees. It is an additional benefit above the stated salary. It helps to keep the employees of the firm motivated as sometimes the only salary is not enough to retain the quality employees of the firm. There are different types of fringe benefits. Fringe benefits are given in both private as well as public enterprises.

Question

A taxpayer with $3,000 in unreimbursed employee expenses and an AGI of $50,000 will have what deductible value of
these expenses on his state return? (Assume that all expenses are valid in the state of California)
O 1000
O 2000
3000

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Step 3

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 3 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

LO.2 Osprey Corporation, an accrual basis taxpayer, had taxable income for 2019 and paid 40,000 on its estimated state income tax for the year. During 2019, the company received a 4,000 refund upon filing its 2018 state income tax return. The company filed its 2019 state income tax return in August 2020 and paid the 7,000 state income tax due for 2019. In December 2019, the company received a notice from the state tax commission that an additional 6,000 of income tax was due for 2017 because of an error on the return. The company acknowledged the error in December 2019 and paid the additional 6,000 in tax in February 2020. What is Ospreys 2019 Federal income tax deduction for state income taxes?
In 2019, what is the top tax rate for individual long-term capital gains and the top tax rate for long-term capital gains of collectible items assuming that the Medicare tax does not apply. 10; 20 20; 28 15; 25 25; 28
A resident citizen has the following data in 2022:Gross receipts from services, P800,000Cost of services, P200,000Long term capital gain, P15,000Short term capital loss, P5,000Dividend from a domestic corporation, P15,000Interest income from bank deposits, P10,000Operating expenses, P20,000Assuming the taxpayer chooses optional standard deduction, how much is the taxable income? Choices P486,000 P500,000 P364,500 P482,500
A resident citizen has the following data in 2022:Gross receipts from services, P800,000Cost of services, P200,000Long term capital gain, P15,000Short term capital loss, P5,000Dividend from a domestic corporation, P15,000Interest income from bank deposits, P10,000Operating expenses, P20,000Assuming the taxpayer chooses optional standard deduction, how much is the taxable income? a. P500,000 b. P482,500 c. P364,500 d. P486,000
A taxpayer is itemizing their return and they're trying to calculate the deductible amount of state income taxes paid. They have $4,000 from their Form(s) W-2 and they paid an outstanding balance in the current year for the prior year's balance of $2,500. What is the total amount of Line 5 income taxes that they can itemize? (Do not consider SALT limitations for this question) 2500 4000 6500
Hw.67. X corporation, an accrual basis taxpayer wishes to adopt the cash basis method for 2022. At the endof 2021, X has accounts receivable of 10,000 and accrued expenses of 8,000. Assume these amountssettle (are paid) in 2022. Assuming the IRS grants consent, what amounts are reflected on X’s taxreturns for 2021 and 2022 based on just these facts?
If a taxpayer has interest income of $5,500 and investment interest expenses of $6,000 in itemized deductions, what amount can the taxpayer deduct in investment interest expenses? *If zero, enter "0". 5500
In 2023, a taxpayer who paid $16,500 of self-employment tax would deduct $ deduction. of the tax as a (for/from) I AGI
Taxpayer in 2022 has following amounts: W-2 wages: $125,000 @ 7.65% Sch. C Net income: $125,000 @ 15.30% How much of the correct amount of combined self-employment tax and FICA tax is attributable to the Sch. C Net Income?
A taxpayer receives $5,000 on their federal return in taxable unemployment income. What is the amount that must be subtracted from the state return to calculate the portion taxable to the State? A. Potentially a $5,000 subtraction. The amounts need to have been taxable on the federal return and administered by California's EDD to be excludable. Unemployment received from other states is still fully taxable in most cases. B. $5,000 subtraction - California does not include amounts received from any unemployment source in State income. C. $0 subtraction - The taxpayer may, however, claim a credit for the job search costs to reduce their taxable exposure to unemployment income. D. $0 subtraction - This is taxable income to the State.
Which of the following is a deductible California expense subject to a 2% of adjusted gross income limitation? Adoption-related expense. Casualty and theft losses. Gambling losses. Tax preparation fees.
suppose a certain a government employee earns a cna of 18,000 290 1.0.9 at 13th month pay of 27891 has other group from benefits amounting to 10,000, how much of his benefit s is taxable? How much is non taxable? If his tax is 0.08. How much is his tax and what is his net amount for his benefit?