Homework Help: tax income

Posted by Billy on Friday, March 2, 2012 at 12:25am.

Tom and Betsy, who are married filing jointly, reported a standard deduction of $11,400 on their 2010 tax return. They paid $500 to the state for income taxes in 2010. In 2011, they received a $125 refund of state taxes paid in 2010. What is the amount that Tom and Betsy need to report on their 2011 tax return?

a. $0
b.$125
c. $375
d. $500

is it D

tax income - Writeacher, Friday, March 2, 2012 at 8:01am
What is $500 - $125?
tax income - Billy, Friday, March 2, 2012 at 5:32pm
its not 375.

Answer this Question

Related Questions

Fundamentals of Taxation - Tom and Betsy who are married filing jointly, ...
tax income - Tom and Betsy, who are married filing jointly, reported a standard ...
Tax Intro - The taxpayer's spouse died at the beginning of 2010. He has no ...
tax income - The taxpayer's spouse died at the beginning of 2010. He has no ...
Finance - The Jacksons, a family of two adults and two dependent children under ...
Personal Finance - The Lees, a family of two adults and two dependent children ...
math - Find the taxes for the following using the appropriate Tax Rate Schedule ...
Finance - How much is the standard deduction for 2008 married filing jointly on ...
income tax - Jonathan is married, files a joint return, and has one child. ...
tax - In which of the following situations would a taxpayer be better off to ...

For Further Reading

First Name:
School Subject:
Answer: