Phyllis, Who Is Single, Has Itemized Deductions Totaling $20,000

question 65

True/False

Phyllis, who is single, has itemized deductions totaling $20,000. She overpaid her 2017 state income tax and is entitled to a refund of $400 in 2018. Phyllis chooses to apply the $400 overpayment toward her state income taxes for 2018. She is required to recognize that amount as income in 2018.

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Definitions:

Simple Random Sample

A portion of a statistical population where every member in that portion is equally likely to be selected.

Mean Difference

The average difference between two sets of data. It is commonly used in comparisons of before and after measurements or between experimental and control groups.

Standard Deviation

An assessment of the range of variation or dispersion present in a set of numeric values, demonstrating how spread out the values are in relation to the average.

Mean

The arithmetic average of a set of values, calculated by summing all the values and then dividing by the total number of values.