Cash-method taxpayer with one personal exemption

Assignment Help Financial Accounting

Reference no: EM131263929

Tim is a single, cash-method taxpayer with one personal exemption and an AGI of $50,000. In April of this year, Tim paid $700 with his state income tax return for the previous year. During the year, Tim had $4,100 of state income tax and $15,000 of federal income tax withheld from his salary. In addition, Tim made estimated payments of $1,000 and $1,500 of state and federal income taxes, respectively. Finally, Tim expects to receive a refund of $370 for state income taxes when he files his state tax return for this year in April next year. What is the amount of taxes that Tim can deduct as an itemized deduction?

Reference no: EM131263929

Questions Cloud

Uses the weighted average costing method : Barksdale Steel Co. processes a single type of steel. For the current period the following information is given. What is equivalent units of work done in current period for conversion costs if Barksdale uses the weighted average costing method? What ..

Prepare all necessary entries in general journal : Presented below is information related to Waterway Corp., which sells merchandise with terms 2/10, net/60. Waterway Corp. records its sales and receivables net. July 1 Waterway Corp. sold to Warren Harding Co. merchandise having a sales price of $17,..

Standard costs for direct materials and direct labor : Animent Industries Inc. (ALL), developed standard costs for direct materials and direct labor. In 2015, All estimated the …. Of their major products, the 10-gallon plastic container. What is the direct material price variance during June?

Deposit depletion and mining machinery depreciation : On April 2, 2015, Montana Mining Co. pays $3,721,000 for an ore deposit containing 1,525,000 tons. The company installs machinery in the mine costing $213,500, with an estimated seven-year life and no salvage value. Prepare the December 31, 2015, ent..

Cash-method taxpayer with one personal exemption : Tim is a single, cash-method taxpayer with one personal exemption and an AGI of $50,000. In April of this year, Tim paid $700 with his state income tax return for the previous year. During the year, Tim had $4,100 of state income tax and $15,000 of f..

Concepts of cost-volume-profit analysis to potential venture : Examples of possible products could be cookies, birdhouses, jewelry, or custom t-shirts. Assume that you have decided to start a small business producing and selling this product. You will be applying the concepts of cost-volume-profit analysis to th..

Experiencing lower than expected performance for the year : Reaction Technology is experiencing lower than expected performance for the year. The CFO has suggested that they steadily increase inventory volumes for the remainder of the year. What effect does this have on reported earnings? Do you agree with th..

Determine the manufacturing overhead rate : Sports Unlimited makes softballs and baseballs for recreational use. It takes them 2.0 direct labor hours to make a softball and 1.5 direct labor hours to make a baseball. Budgeted production for the upcoming year is 15,000 softballs and 18,000 baseb..

When processing transaction in computerized system : When processing a transaction in a computerized system updates more than one system (such as payroll), the system is “integrated” into other systems. Other than Payroll, what systems are also updated when Payroll is processed? What are the advantages..

User Account

All Pages