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Exercise 10-17 (Algorithmic) (LO. 4) Pierre, a cash basis, unmarried taxpayer, had $5,000 of state...

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Accounting

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Exercise 10-17 (Algorithmic) (LO. 4) Pierre, a cash basis, unmarried taxpayer, had $5,000 of state income tax withheld during 2020. Also in 2020, Pierre paid $1,250 that was due when he filed his 2019 state income tax return and made estimated payments of $3,500 towards his 2020 state income tax liability When Pierre files his 2020 Federal income tax return in April 2021, he elects to itemize deductions, which amount to $13,400, including the state income tax payments and withholdings, all of which reduce his taxable income. a. What is Pierre's 2020 state income tax deduction? 9,750 b. As a result of overpaying his 2020 state income tax, Pierre receives a refund of $2,000 early in 2021. The standard deduction for single taxpayers for 2020 was $12,400. How much of the $2,000 will Pierre include in his 2021 gross income? 2,000

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