LCCC EXAM 2 QUESTIONS & ANSWERS 2024

LCCC EXAM 2 QUESTIONS & ANSWERS 2024 local income taxes (E) - ANSWERSwhich of the following taxes may be deducted as itemized deduction? A. state gasoline taxes B. fishing license fee C. federal income taxes D. social security taxes E. local income taxes 3150 (B) (3,100 withholding + 50 paid with return) - ANSWERSWilma had $3100 in state income taxes withheld from her paychecks during 2017. in April of 2017, Wilma paid the $50 due for her 2016 state tax return. Wilma's total tax liability on her state tax return for 2017 is $2850. how much should Wilma deduct as an itemized deduction for state income taxes on her 2017 federal income tax return? A. 2900 B. 3150 C. 3100 D. 2950 E. none of the above federal income taxes (D) - ANSWERSwhich of the following taxes are not deductible as an itemized deduction? A. property tax on land held for investment B. state income taxes C. auto registration fees based on the value of the auto D. federal income taxes interest on a loan for a 90 foot yacht with a kitchen, 3 baths and 5 bedrooms (C) - ANSWERSwhich of the following is deductible as interest on Schedule A?