It is true that if an overpayment resulted in a tax benefit, it makes no difference whether it is reimbursed or used to reduce the 2019 state federal income tax due.
The Internal Revenue Service (IRS) imposes a levy known as the federal income tax on the yearly income of people, businesses, trusts, and other legal entities. All forms of income that constitute a taxpayer's taxable income are subject to federal income taxes, including wages, salaries, commissions, bonuses, tips, investment income, and certain categories of unearned income.
Individual federal income tax rates in the US are progressive, which means that they rise in proportion to taxable income. Federal income tax rates range from 10% to 37%, and they become effective at a certain level of income. Tax brackets are the ranges of income that the rates apply to. Income that is subject to each bracket is taxed at that rate.
Learn more about Federal income tax here
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Answer:
1) You get what you get and don't throw a fit?
2)Be patient???
I hope this helps TwT
With an assumption that the company's accounting year is same as the calender year, the income statement would show $1,000 of rent expense.
<h3>What is an
income statement?</h3>
An income statement refers to a financial statement that shows a firm's income and expenditures for an accounting year.
Rent expenses = $2,400 prepaid rent / 12 months
Rent expenses = $200 per month
Rent expenses = $200 rent expense per month x 5 months (in Year 2)
Rent expenses = $1,000 rent expense
In conclusion, with an assumption that the company's accounting year is same as the calendar year, the income statement would show $1,000 of rent expense.
Read more about income statement
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Answer:
Cashflow from Operating Activities $
Net income 61,000
Add: items not involving movement of cash
Depreciation <u>76,000</u>
137,000
Changes in working capital:
Increase in prepaid rent (56,000)
Increase in accounts payable <u>11,000</u>
92,000
Less: Tax <u> 16,000</u>
Cashflow from operating activities <u> 76,000</u>
Explanation:
Cashflow from operaing activities using the indirect method equals net income plus depreciation minus increase in prepaid rent plus increase in accounts payable minus tax.
The net present value would be zero.
Hope this helped! :)
