Question

In: Accounting

Indicate whether the following is an addition or deduction on the Ohio State Tax Return Schedule...

Indicate whether the following is an addition or deduction on the Ohio State Tax Return Schedule A:

Social Security Benefits:

Small Business Deduction:

Ohio 529 Contributions:

State or municiple income tax refunds:

Unreimbursed long term care premiums:

Solutions

Expert Solution

Social Security Benefits: Deduction Deductable to the extent that they are included in federal adjusted gross income.
Small Business Deduction: Deduction The business income can be deductible to an extent 100% of business income up to $250,000 from the adjusted gross income they report on their Ohio personal income tax return.
Ohio 529 Contributions: Deduction Deduction of purchases of tuition units and contributions to the Ohio Tuition Trust Authority's College Advantage 529 Savings Plan, up to $2,000 per beneficiary per year if these amounts do not qualify as a deduction on page 1 of Federal 1040.
State or municiple income tax refunds: Deduction If you filed a federal 1040 tax return, entitled to a deduction on Ohio tax return for state or municipal income tax refunds
Unreimbursed long term care premiums: Deduction long-term care premiums are deductible in their entirety

Related Solutions

Federal income tax allows a deduction for any state tax paid during the year. In addition,...
Federal income tax allows a deduction for any state tax paid during the year. In addition, the state of Alabama allows a deduction from its state income tax for any federal tax paid during the year. The federal corporate income tax is equivalent to a flat rate of 34% and the Alabama state tax rate is a flat 5%. Both the Alabama and the federal taxable income for a corporation is $1,000,000 before either tax is paid. Because each tax...
8) For the following taxpayers indicate whether the taxpayer should file a tax return and why....
8) For the following taxpayers indicate whether the taxpayer should file a tax return and why. a. Robert earned $50,000 this year as a staff accountant. His estimated tax liability is $4,500, and he expects to receive a $500 tax refund. b. Amy earned $4,000 this year working part-time. She will have no federal tax liability and has not made any federal tax payments. c. Ty earned $2,500 this summer and had $200 of federal taxes withheld from his paycheck....
Indicate whether the following information is included on the 2020 1040 tax return as Gross Income or excluded from the 2020 1040 tax return. Indicate the specific amount included or excluded.
Indicate whether the following information is included on the 2020 1040 tax return as Gross Income or excluded from the 2020 1040 tax return. Indicate the specific amount included or excluded.Item$ Included as Gross Income$ Excluded from Gross IncomeEarned $45,000 of gross wages from an employer. Received a gift from a grandparent of $10,000 cash. Received a $5,000 signing bonus from an employer. Received child support in the amount of $12,000. Employer-paid health insurance premiums amounted to $15,000 for an...
Determine whether the following taxpayers are eligible for the QBI deduction and the deduction amount (if...
Determine whether the following taxpayers are eligible for the QBI deduction and the deduction amount (if any). Cathy is married and files a joint return with her spouse. Cathy operates a small family restaurant as a sole proprietor. She pays wages of $70,000 and the QBI from the restaurant is $100,000. Cathy’s spouse has wages of $250,000 and their joint taxable income is $364,000. Is Cathy eligible for QBI deduction? Answer yes or no If eligible, how much is the...
Federal income tax allows a deduction for any state income tax paid during the year. In...
Federal income tax allows a deduction for any state income tax paid during the year. In addition, the state of Alabama allows a deduction from its state income tax for any federal income tax paid during the year. The federal corporate income tax is equivalent to a flat rate of 34% of the taxable federal income and the Alabama rate is 5% of the taxable state income. Both the federal and Alabama taxable income for a certain corporation are $1,000,000...
What amount can Allen deduct as an itemized deduction on his tax return?
Allen paid the following taxes this year:Property taxes on rental property he owns$4,000Property taxes on his own residence3,600Estimated Federal income taxes paid in 20198,000California State income taxes withheld from paycheck  3,400Estimated California Income Taxes paid in 2019500What amount can Allen deduct as an itemized deduction on his tax return?Select one:a. $19,500b. $10,000c. $11,500d. $7,500
For the following scenarios involving HPLC, state whether the internal standard method, or the standard addition...
For the following scenarios involving HPLC, state whether the internal standard method, or the standard addition method would be more appropriate and why. 1)You use a multi-step method (including extraction steps) to prepare your sample prior to analysis. 2)You are analysing a sampleof industrial waste. It is a very complex sample which you know will contain many unknown impurities. 3)Yourdetector response varies slightly with temperature, however yourinstrument is not temperature controlled.
Complete the federal tax return below for 2016. Use Form 1040, Schedule A, Schedule B, and...
Complete the federal tax return below for 2016. Use Form 1040, Schedule A, Schedule B, and Form 2441 to complete this return. You can print these forms off of the IRS website by going to irs.gov and searching for the forms. Lucy and Ricky Van have one child, Leroy, who is 5 years old. The Vans reside at 1234 Huckleberry Street, Kathleen, GA 31047. Ricky’s Social Security number is 577-11-3322, Lucy’s is 477-98-4735, and Leroy’s is 589-22-1142. Lucy and Ricky’s...
Tax Drill - Computing the Standard Deduction Compute the 2017 standard deduction for the following taxpayers....
Tax Drill - Computing the Standard Deduction Compute the 2017 standard deduction for the following taxpayers. If an amount is zero, enter "0". Click here to access the standard deduction table to use. a. Margie is 15 and claimed as a dependent by her parents. She has $800 in dividends income and $1,400 in wages from a part-time job. $ b. Ruby and Woody are married and file a joint tax return. Ruby is age 66 and Woody is 69....
When both the self-employed health insurance deduction and the Premium Tax Credit are on a return,...
When both the self-employed health insurance deduction and the Premium Tax Credit are on a return, a circular calculation is generated. Why does this occur? A. This would not occur a taxpayer is not allowed to claim both the self employed health insurance deduction and the Premium Tax Credit. B. Because of the adjustment to income for the self-employed health insurance, modified AGI is affected. The Premium Tax Credit calculation is not affected by changes to modified AGI, so the...
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT