rue or False Contributions to Arizona AND non-Arizona 529 plans of up to $2,000 per year by an individual, and up to $4,000 per year by a married couple filing jointly, are deductible in computing Arizona taxable income. "
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True or False
Contributions to Arizona AND non-Arizona 529 plans of up to $2,000 per year by an individual, and up to $4,000 per year by a married couple filing jointly, are deductible in computing Arizona taxable income. "
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- 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.A Single taxpayer has a state AGI of $765,000 and federal AGI of $785,000. Itemized deductions total $55,000 under both federal and state law (No adjustments). The total amount of medical expense deduction included in that figure is $17,500. What is the amount of itemized deductions that can be claimed on the state return? Their AGI level limits all itemized deductions to $0. $25,000 - The total $55,000 minus the $30,000 from the "80% of itemized deductions" calculation. $19,570 - The total $55,000 minus the $35,429.76 from the "6% of the excess" deduction limitation calculation. They can claim all $55,000 of itemized deductions without limitation.What is the homestead allowance? A reduction of $20,000 in estate assets prior to computing the amount of federal estate taxes. The amount of property conveyed in a will to a surviving spouse. An allotment from an estate to a surviving spouse and/or minor and dependent children before any claims are paid. A decrease in the value of property on which state inheritance taxes are assessed. The reduction is equal to the value of property conveyed to a surviving spouse.
- The taxpayer is a resident citizen and the taxable period is 2021. Compute for the GROSS income provided the following: Gross sales amounting to 2,500,000; sales discounts amounting to 130,000; senior citizems discount (20%) granted amounting to 160,000; cost of sales amounting to 1,000,000; operating expenses (including repairs) amounting to 500,000 and repairs for PWD facilities amounting to 150,000. 870,000 1,030,000 1,210,000 1,370,000What is the homestead allowance? Choose the correct.a. A reduction of $20,000 in estate assets prior to computing the amount of federal estate taxes.b. The amount of property conveyed in a will to a surviving spouse.c. An allotment from an estate to a surviving spouse and/or minor and dependent children before any claims are paid.d. A decrease in the value of property on which state inheritance taxes are assessed. The reduction is equal to the value of property conveyed to a surviving spouse.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
- n 2022, Janet and Ray are married filing jointly. They have five dependent children under 18 years of age. Janet and Ray's taxable income (all ordinary) is $2,403,400, and they itemize their deductions as follows: state income taxes of $15,100 and mortgage interest expense of $25,000 (acquisition debt of $300,000). Use Exhibit 8-5 and Tax Rate Schedule for reference. Whats the amtA 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. P486,000LO.7 On June 5, 2019, Brown, Inc., a calendar year taxpayer, receives cash of $750,000 from the county upon condemnation of its warehouse building (adjusted basis of $500,000 and fair market value of $750,000). b. How would your advice to Brown differ if the adjusted basis was $795,000?
- Fach of the following taxpayers received a state income tax refund in 2023 In all cases, the taxpayer has a filing status of married filing jointly. The standard deduction in 2022 was $25,900. Required: What amount of the refund is properly included in 2023 income? a. Refund of $729; taxpayer did not itemize deductions in 2022 b. Refund of $591; taxpayer had $27,200 of itemized deductions in 2022. c. Refund of $927;, taxpayer had itemized deductions of $26,200 in 2022. C Taxable refundSam and Diane are completing their federal income taxes for the year and have identified the amounts listed here. How much can they rightfully deduct? (Assume itemized deductions) AGI: $83,500 Medical and dental expenses: $9,350 State income taxes: $3,850 Mortgage interest: $10,900 Qualified charitable contributions: $1,650The following pertain to the estate of a citizen decedent: Separate properties of the decedent P13,500,000 Common properties of the spouses 16,400,000 Possible deductions: Funeral expenses P550,000 Judicial expenses 310,000 Obligations (1/4 is separate property) 1,700,000 Family home - common property 15,000,000 What is the taxable net state? P 8,137,500 P 8,187,000 P 8,550,000 P 8,500,000