All categories

1 year ago

Who benefits from deducting the amount paid in state income tax from their income for purposes of computing federal income tax?

1 answer:

3 0

The person that benefits from deducting the amount paid in state income tax from their income for purposes of computing federal income tax is option a: Everyone who must pay state income tax.

<h3 /><h3>What are Income tax in the United States?</h3>

Income taxes in the United States is known to be a kind of a tax that is often imposed by the federal government, as well as a lot of states.

Note that the income taxes are said to be set by applying a tax rate as income increases, and as such,

Therefore, The person that benefits from deducting the amount paid in state income tax from their income for purposes of computing federal income tax is option a: Everyone who must pay state income tax.

Learn more about federal income tax from

brainly.com/question/1601662

#SPJ1

You might be interested in

Because Coca-Cola, Nestlé, and PepsiCo all sell a product (bottled water) that is essentially the same and all three giant compa

garik1379 [7]

Answer:

standard-cycle market.

Explanation:

Standard-cycle market are those where a business's competitive advantage is protected from imitation by othe companies and the imitation will be moderately costly.

In this instance the three big companies Coca-Cola, Nestlé, and PepsiCo all sell bottled water. The product is basically the same.

They engage in battles for market share using incremental changes in their products and seeking loyalty to brand names.

This is a form of standard cycle market.

6 0

3 years ago

Blaine Air Transport Service, Inc., providing air delivery service for businesses, has been in operation for three years. The fo

Valentin [98]

Answer:

Entries and their narrations are posted below

Explanation:

We will record assets and expenses on the debit as they increase during the year and will record liabilities and capital on the credit side as they increase during the year or vice versa.

February 1 (Paid $275 for rent of hangar space in February)

Rent (Expense) Dr $275

Cash (Asset) Cr $275

February 2 (Purchased fuel costing $490 on account for the next flight to Dallas.)

Fuel (Expense) Dr $490

Accountt Payable (Liability) Cr $490

February 4 (Received customer payment of $820 to ship several items to Philadelphia next month.)

Cash (Asset) Dr $820

Shipment (R) Cr $820

February 7 (Flew cargo from Denver to Dallas; the customer paid $910 for the air transport)

Cash (A) Dr $910

Ticket (R) Cr $910

February 10 (Paid $175 for an advertisement in the local paper to run on February 19.)

Advertisement (E) Dr $175

Cash (A) Cr $175

February 14 (Paid pilot $2,300 in wages for flying in January (recorded as an expense in January))

Wages payable (L) Dr 2300

Cash (A) Cr 2300

February 18 Flew cargo for two customers from Dallas to Albuquerque for $3,800; one customer paid $1,600 cash and the other asked to be billed.

Cash (A) Dr 1600

Account Receivable (A) Dr 2200

Ticket (R) Cr 3800

February 25 Purchased on account of $2,550 in spare parts for the planes.

Spares (E) Dr 2550

Account Payable (L) Cr 2550

February 27 (Declared a $200 cash dividend to be paid in March.)

Retained Earnings (SE) Dr 200

Dividend Payable (L) Cr 200

8 0

3 years ago

You purchased 500 shares in a mutual fund for $32 NAV. You elected the dividend reinvestment plan and had all dividend and capit

zloy xaker [14]

Answer:

Return on investment = 50%

Explanation:

Return on Investment is the proportion of investment cost that an investor earns as as return in dollar

For a mutual fund= total return in dollar/investment cost

= (48-32)× 500/(500× 32) × 100

=50%

<em>Note that the gains in dollar is the difference between the selling price at the end and the selling price at the beginnin</em>g.

8 0

3 years ago

Mountaineer Excavation operates in a low-lying area that is subject to heavy rains and flooding. Because of this, Mountaineer pu

Serjik [45]

Explanation:

1. The journal entry is as follows:

On March 1

Prepaid insurance A/c Dr $36,000

To Cash A/c $36,000

(Being the prepaid insurance is recorded for cash)

For recording the advance purchase of insurance, we debited the prepaid insurance and credited the cash account. Both the accounts are recorded at $36,000 so that the proper posting could be done.

4 0

3 years ago

e payoff matrix below shows the payoffs (in millions of dollars) for two firms, A and B, for two different strategies, investing

Harman [31]

Answer:

Invest

invest

Explanation:

Game theory looks at the interactions between participants in a competitive game and calculates the best choice for the player.

Dominant strategy is the best option for a player regardless of what the other player is playing

firm a can either earn20 or 70 if it advertises or 5 or 50 if it does not advertise. this is the same for firm B.

Thus the option that would yield the highest payoff is for both firms to advertise.

this is an example of prisoners dilemma

7 0

3 years ago