1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Fudgin [204]
3 years ago
12

Tim is a single, cash-method taxpayer with an AGI of $50,000. In April of this year, Tim paid $740 with his state income tax ret

urn for the previous year. During the year, Tim had $4,200 of state income tax and $15,300 of federal income tax withheld from his salary. In addition, Tim made estimated payments of $1,020 and $1,540 for state and federal income taxes, respectively. Finally, Tim expects to receive a refund of $380 for state income taxes when he files his state tax return for this year in April next year. What is the amount of taxes that Tim can deduct as an itemized deduction
Business
1 answer:
oksano4ka [1.4K]3 years ago
3 0

Answer: $5960

Explanation:

Based on the analysis and the information provided in the question, the amount of taxes that Tim can deduct as an itemized deduction will be the addition of the Tim's state income tax return for the previous year, the state tax that was held during the year and the estimated state tax payment. This will be:

= $740 + $4200 + $1020

= $5960

Therefore, the amount of taxes that Tim can deduct as an itemized deduction will be $5960.

You might be interested in
Which capability of digital dashboards enables users to have reports that highlight deviations larger than certain thresholds?
vitfil [10]

Answer:

Exception reporting

Explanation:

Which capability of digital dashboards enables users to have reports that highlight deviations larger than certain thresholds?

Drill down

Key performance indicators

Status access

Trend analysis

Exception reporting

Dashboard reporting is a process used to represent key performance indicators and relevant business data in a visual and interactive way and Exception reporting is a method of data analysis that compares an incoming stream of data to an established base set of data and flags items that don't quite match i.e,those instances in which actual performance deviated significantly from expectations and it enables users to have reports that highlight deviations larger than certain thresholds.

3 0
3 years ago
Example : Yazici Advertising purchased supplies costing 2,500 on October 5. An inventory count at the close of business on Octob
Over [174]

Question Completion:

Journalize the adjusting entries:

Answer:

Yazici Advertising

Adjusting Journal Entries:

Date            Account Titles            Debit      Credit

October 31:

1. Supplies Expense                     $1,500

Supplies                                                        $1,500

To record the supplies expense for the year ended October 31.

2. Insurance Expense                     $50

Prepaid Insurance                                           $50

To record the insurance expense for the month of October.

Explanation:

a) Data and Analysis:

October 31:

1. Supplies Expense $1,500 Supplies $1,500 ($2,500 - $1,000)

2. Insurance Expense $50 Prepaid Insurance $50 ($600 * 1/12)

3. From the scenario, the year-end is October 31.

7 0
3 years ago
You just won the lottery, which promises you $440,000 per year for the next 20 years. You receive the first payment today (hint:
Luda [366]

Answer:

You sell the money for more

Explanation:

4 0
2 years ago
Soon-Yi Park's chain of travel agencies has identified the lesbian, gay, bisexual, and transgender community as a growing market
Sever21 [200]

Answer:

C) implement a mass marketing campaign

Explanation:

If Soon-Yi Park's travel agency develops a presence on LGBT-oriented social networking sites by positioning his agency as focused on specialized experiences and placing specially targeted ads in gay-themed publications, advertise on LOGO, the cable television network aimed at gays and lesbians and their friends and family. All of the aforementioned components would be an effective marketing plan for Soon-Yi to take advantage of the opportunity.

3 0
3 years ago
If consumers' surplus is $30 and the price paid for the good is $50, then the maximum price a buyer is willing and able to pay f
DiKsa [7]

If consumers' surplus is $30 and the price paid for the good is $50, then the maximum price a buyer is willing and able to pay for the good is $20. To solve for this question, subtract the surplus amount of $30 and the actual price paid of $50 together. Consumer surplus is defined as the difference in the amount of money that a consumer is willing to pay vs what they actually pay for a good or service.

4 0
3 years ago
Other questions:
  • Ralph Young was a commercial tour boat operator on the northern coast of Kauai, Hawaii. He was licensed by the state of Hawaii t
    12·1 answer
  • The federal government doesn't have a capital budget; however, private enterprises do have a capital budget and when they invest
    7·1 answer
  • Thomas's writing a report for his advertising class to analyze corporate campaigns and ad slogans. To compile his report, he nee
    9·1 answer
  • Toys, Trinkets and More requires a minimum rate of return of 12% on its average operating assets. The toy department currently h
    5·1 answer
  • Markland Manufacturing intends to increase capacity by overcoming a bottleneck operation by adding new equipment. Two vendors ha
    15·1 answer
  • Use the information in the chart to calculate the real exchange rate between the U.S. dollar and the Indian rupee. Round to the
    9·1 answer
  • Robert works in the import-export department of Bank of America and he has noticed the following spot currency quotes: 1 U.S. do
    8·1 answer
  • The invention of a machine to make plastic corks for wine bottles has severely affected companies that produce traditional cork.
    14·1 answer
  • Ira orally agrees to buy a unique collection of sports memorabilia for $1,000 from Jane and sends her $250 as a down payment. Wh
    14·1 answer
  • Next year's earnings are estimated to be $5. The company plans to reinvest 25% of its earnings at 20%. If the cost of equity is
    6·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!