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Pierre, a cash basis, unmarried taxpayer, had $3,830 of state income tax withheld during 2016. Also in 2016, Pierre paid $958 that was due when he filed his 2015 state income tax return and made estimated payments of $2,681 towards his 2016 state income tax liability. When Pierre files his 2016 Federal income tax return in April 2017, he elects to itemize deductions, which amount to $19,150, including the $7,660 of state income tax payments and withholdings, all of which reduce his taxable income. As a result of overpaying his 2016 state income tax, Pierre receives a refund of $1,532 in 2017. The standard deduction for single taxpayers for 2015 was $6,300.
a. What is Pierre’s 2016 state income tax deduction?
b. How much of the $1,532 will Pierre include in his 2017 gross income?
The audit of inventory can be difficult for a number of reasons: inventory is easily moved and can be stored at multiple locations, plus it can be difficult to value. What steps can an external auditor take to increase confidence in the results of th..
Jonathan has owned and operated a golf driving range for a number of years. The sole proprietorship has been successful and grown to the point where it now also offers golf lessons and sponsors tournaments and other activities.
question 1. sully corp. presently has an eps of 2.40 and the benchmark pe for the company is 23. earnings are expected
Green Company, which began operation on January 1, 1990, appropriately uses the installment method of accounting. The following information is available for 1990: Illustrate what is the total amound of Green's installment sales for 1990?
From the first e-Activity, propose a short-term and long-term pricing strategy for the product or service you researched including how the strategies would be implemented. Assess how your proposal ultimately maximizes profits.
A company paid $600,000 for 10% bonds with a par value of $600,000 on September 1. The bonds pay 5% interest semi annually on September 1 and March 1. The company intends to hold the bonds until they mature. Prepare the journal entries for the follow..
If Korral charges interest of 24% per year, compounded monthly, what should Korral record as sales revenue on the Pinto?
The following information pertains to XYZ Corp.’s available-for-sale securities: December 31 Year 2 Year 3 Cost $100,000 $100,000 Fair value 90,000 120,000 Differences between cost and fair values are considered to be temporary. The decline in fair v..
The 2011 financial statements of CVS Caremark reported sales of $126,761 million and AR of $8,729 million. If sales are projected to increase 3% next year, what is the projected AR balance for 2014.
Compute the gross profit margin,operating profit margin, and net profit margin for all companies. Then write a short essay explaining the differences you found between the profit margins calculated and why you think the profit margins differ.
Tawstir Corporation has 400 obsolete personal computers that are carried in inventory at a total cost of $576,000. If these computers are upgraded at a total cost of $130,000, they can be sold for a total of $190,000. As an alternative, the computers..
What are the steps in the decision making process? Share experiences you may have in the decision-making process at your work.
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