During the current year K reported the following items: Wages:
Alimony paid:
Child support paid: 10,000
Federal income tax refund: 1,000
State income tax refund: 300 The Federal and State income tax refunds were for taxes paid in the prior year.During the current and prior year, K used the standard deduction rather than itemizing.How will these items affect K's taxable income for the current year?
A) Increase taxable income by $45,000
B) Increase taxable income by $45,300
C) Increase taxable income by $35,000
D) Increase taxable income by $35,300
E) Increase taxable income by $46,300
Correct Answer:
Verified
Q72: Refer to the facts in Question 82.If
Q73: Alimony payments are to be paid
Q74: A flood forced A to live in
Q75: G was injured when an elevator at
Q76: Which of the following would not be
Q77: Employer P provides qualified parking with a
Q78: H purchases a farm with an abandoned
Q79: Alimony payments are to be paid
Q80: ABC Video sells VCRs and television sets.On
Q81: Which of the following would render an
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents