Allowable deduction for taxes

Assignment Help Business Management
Reference no: EM13991868

Paula is single and lives in South Carolina, which imposes a state income tax. During 2009, she pays the following taxes:

Federal tax withheld

$5,125

State income tax withheld

1,900

State sales tax-actual receipts

370

Real estate tax

1,740

Property tax on car (ad valorem)

215

Social Security tax

4,324

Gasoline taxes

124

Excise taxes

112

1. If Paula's adjusted gross income is $35,000, what is her allowable deduction for taxes?

2. Assume the same facts as in part a, except that Paula pays $1,600 in sales tax on a motor vehicle she purchased during the year. What is Paula's allowable deduction for taxes?

Reference no: EM13991868

Questions Cloud

Line of credit to purchase the car : If she uses the line of credit to purchase the car, the interest rate will be 7.95%. Write a letter to Mandy explaining whether she should finance the purchase of her car through the dealer or use her home equity line of credit. Assume Mandy is in..
Prepare a graph of the data : Prepare a graph of the data. On this same graph, plot a 12-month moving average forecast. Discuss any apparent trend and seasonal patterns
Proper tax treatment of the refund : Simon is single and a stockbroker for a large investment bank. During 2010, he has withheld from his paycheck $2,250 for state taxes and $400 for city taxes. In June 2011, Simon receives a state tax refund of $145. What is the proper tax treat- me..
Jesse allowable deduction for taxes : He also has to pay a $40 penalty and interest of $12 to New York City. However, he receives interest of $16 from New York State. What is Jesse's allowable deduction for taxes for 2010?
Allowable deduction for taxes : If Paula's adjusted gross income is $35,000, what is her allowable deduction for taxes? Assume the same facts as in part a, except that Paula pays $1,600 in sales tax on a motor vehicle she purchased during the year. What is Paula's allowable deduc..
What are the steps of testing a hypothesis : What are the steps of testing a hypothesis for two populationmeanswith independent and dependent samples? Provide a workplace or business related example
Itemized deduction for medical expenses : By the end of the year, Lian is able to pay only $6,100 of the costs that aren't covered by her medical insurance. What is  Lian's  allowed  itemized  deduction  for medical expenses if her adjusted gross income is $39,000 before considering any o..
Identify and discuss a specific legacy : Identify and discuss a specific legacy left by the Achaemenid dynasty of the Persian empire.
Identify major challenge facing leaders in the purchasing : Identify one major challenge facing leaders in the Purchasing and Material Management field today and make two recommendations on how this challenge might be addressed to ensure organizational success?

Reviews

Write a Review

Business Management Questions & Answers

  Caselet on michael porter’s value chain management

The assignment in management is a two part assignment dealing 1.Theory of function of management. 2. Operations and Controlling.

  Mountain man brewing company

Mountain Man Brewing, a family owned business where Chris Prangel, the son of the president joins. Due to increase in the preference for light beer drinkers, Chris Prangel wants to introduce light beer version in Mountain Man. An analysis into the la..

  Mountain man brewing company

Mountain Man Brewing, a family owned business where Chris Prangel, the son of the president joins. An analysis into the launch of Mountain Man Light over the present Mountain Man Lager.

  Analysis of the case using the doing ethics technique

Analysis of the case using the Doing Ethics Technique (DET). Analysis of the ethical issue(s) from the perspective of an ICT professional, using the ACS Code of  Conduct and properly relating clauses from the ACS Code of Conduct to the ethical issue.

  Affiliations and partnerships

Affiliations and partnerships are frequently used to reach a larger local audience? Which options stand to avail for the Hotel manager and what problems do these pose.

  Innovation-friendly regulations

What influence (if any) can organizations exercise to encourage ‘innovation-friendly' regulations?

  Effect of regional and corporate cultural issues

Present your findings as a group powerpoint with an audio file. In addition individually write up your own conclusions as to the effects of regional cultural issues on the corporate organisational culture of this multinational company as it conducts ..

  Structure of business plan

This assignment shows a structure of business plan. The task is to write a business plane about a Diet Shop.

  Identify the purposes of different types of organisations

Identify the purposes of different types of organisations.

  Entrepreneur case study for analysis

Entrepreneur Case Study for Analysis. Analyze Robin Wolaner's suitability to be an entrepreneur

  Forecasting and business analysis

This problem requires you to apply your cross-sectional analysis skills to a real cross-sectional data set with the goal of answering a specific research question.

  Educational instructional leadership

Prepare a major handout on the key principles of instructional leadership

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