Gloria Resides in a State That Imposes a Tax on Income.The

question 58

Multiple Choice

Gloria resides in a state that imposes a tax on income.The following information relates to Gloria's state income tax situation for 2014: Taxes withheld in 2014 $4,300
Refund received in 2014 of 2013 tax 700
Assessment paid in 2014 of 2012 tax 950
Assuming she elects to deduct state and local income taxes,what amount should Gloria use to calculate itemized deductions for her 2014 federal income tax return?

• A)$ 0.
• B)$3,600.
• C)$5,250.
• D)$5,950.

---

Definitions:

Promised Benefits

The guaranteed or expected advantages or returns, often from investments, insurance policies, or employment contracts.

Real Rate

refers to the interest rate adjusted for inflation, providing a more accurate measure of the true cost of borrowing or the real yield on an investment.

Tax Rate Structure

The way in which different rates of taxation are applied to different levels of income or other bases.

Promised Benefit Levels

The specific amount of benefits, often related to pensions or insurance, guaranteed to recipients based on a predetermined plan.