Assume the standard deduction

Assignment Help Financial Accounting

Reference no: EM131205762

Louis files as a single taxpayer. In April of this year he received a $1,120 refund of state income taxes that he paid last year. How much of the refund, if any, must Louis include in gross income under the following independent scenarios? Assume the standard deduction last year was $6,200.

a. Last year Louis claimed itemized deductions of $6,376. Louis’s itemized deductions included state income taxes paid of $2,035.

b. Last year Louis claimed itemized deductions of $8,210. Louis’s itemized deductions included state income taxes paid of $3,260.

Reference no: EM131205762

Questions Cloud

Prepare amortization schedule that determines interest : When Patey Pontoons issued 4% bonds on January 1, 2016, with a face amount of $820,000, the market yield for bonds of similar risk and maturity was 5%. The bonds mature December 31, 2019 (4 years). Prepare the journal entry to record their issuance b..

Cross-tabulations called contingency tables : When are cross-tabulations called contingency tables?

Describe how the informal lessons were conveyed : Describe how the informal lessons were conveyed and the impact they had on the formal lessons. Initial responses should be a minimum of 300-words.

Mission and values of better world books : What are the mission and values of Better World Books? Critically evaluate their usefulness to the company's management in formulating strategy.

Assume the standard deduction : Louis files as a single taxpayer. In April of this year he received a $1,120 refund of state income taxes that he paid last year. How much of the refund, if any, must Louis include in gross income under the following independent scenarios? Assume the..

Discuss the market segmentation approaches : Identify and discuss the market segmentation approaches you believe are most relevant for Subaru. Why are these important to the marketing strategy for Subaru's product offerings?

Examples of successful organizations : List and discuss examples of successful organizations that went through a change process by adopting the steps above. In your opinion, what was the ‘formula' for their success? You can use organizations selected from the academic literature or or..

What is the value of the stock price today : Hadley Inc. forecasts the year-end free cash flows (in millions) shown below. Year 1 2 3 4 5 FCF -$22.34 $38.4 $43.6 $52.4 $57 The weighted average cost of capital is 10%, and the FCFs are expected to continue growing at a 3% rate after Year 5. The f..

Sells products mainly to the home construction market : Steel Company USA is a metal fabricating business that sells products mainly to the home construction market. The data table that follows should be used in this assignment. Using the information in the table, create an income statement with a schedu..

User Account

All Pages