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
Nastasia [14]
3 years ago
7

In 2019, Carlos filed his 2018 state income tax return and paid taxes of $800. Also in 2019, Carlos's employer withheld state in

come tax of $750 from Carlos's salary. In 2020, Carlos filed his 2019 state income tax return and paid an additional $600 of state income tax due for 2019. How much state income tax can Carlos deduct on his 2019 federal income tax return for state income tax?
Business
1 answer:
irga5000 [103]3 years ago
6 0

Answer:

He can deduct on his 2019 federal income tax return for state income tax $1,550

Explanation:

According to the given data, we can conclude that Carlos cannot deduct the addition of $600 of state income until next year.

Therefore, in order to calculate how much state income tax can Carlos deduct on his 2019 federal income tax return for state income tax we would need to make the following calculation

income tax to deduct on 2019 federal income tax return= Taxes paid+ withheld state income tax from salary

income tax to deduct on 2019 federal income tax return= $800 + $750 income tax to deduct on 2019 federal income tax return=$1,550.

You might be interested in
During 2017, Ecuyer Industries reported cash provided by operations of $794,000, cash used in investing of $686,000, and cash us
marshall27 [118]

Answer:

$518,000

Explanation:

Data provided in the question:

cash provided by operations = $794,000

Cash used in investing = $686,000

Cash used in financing = $190,000

cash spent for fixed assets during the period = $276,000

Average current liabilities = $650,000

Average total liabilities = $1,716,000

Now,

Ecuyer's free cash flow

                Particulars                                                             Amount

          Cash provided by operations                                  $794,000

Less:  Cash spent for fixed assets during the period       $276,000

==============================================================

Ecuyer's free cash flow                                                       $518,000

5 0
3 years ago
Please list 3 New Years Resolutions and explain why you chose these.
My name is Ann [436]

Answer:

get better at outdoor skills, do more exploration, go sky diving

Explanation:

out door skills for survival situations more exploration cause its a fun way to get in exercise and sky diving cause its cool

5 0
3 years ago
Which function is one that pertains to the Federal Reserve System?I. conducting fiscal policy.II. examining and supervising comm
Over [174]

Answer: yo mama

Explanation:

6 0
3 years ago
Given the following changes what is the net effect on cash? (1) Accounts Receivables increases by $150; Inventory decreases by $
Karolina [17]

Answer:

Net Cash Increase of $115

Explanation:

Receivable Increases by $150 means a cash outflow in receivable by $150 because Increase in Receivable indicates that there are more sale on credit is made than cash received from the customers. So, the outflow in the receivable section is more than the inflow.

Inventory Decreases by $95 means the inventory sold during the period is more than purchases / manufactured. It result in cash inflow as cash is not being held in the form of inventory.

Accounts Payable increases by $225 means that company is making less payment to its suppliers, so that its balance has been increase. Company made more purchases than payment made to suppliers. Net cash Inflow is observed from this.

Common dividend payment of $55 means a direct cash outflow because actual cash has been paid during the year.

Net Effect on Cash = Cash inflows - Cash outflows

Net Effect on Cash = ( Inventory decrease + Accounts Payable increase ) - ( Accounts Receivables increase + Common dividend payment )

Net Effect on Cash = ( $95 + $225 ) - ( $150 + 55 )

Net Effect on Cash = $320 - $205

Net Effect on Cash = $115

Net Cash Increase of $115

6 0
3 years ago
The most important labor force issue for developed economies is their _________ populations. global diverse aging all of these
dalvyx [7]
The answer here is ‘aging’.

I hope this can help.
4 0
3 years ago
Other questions:
  • Robin works for a small firm with only enough money budgeted to use one test to help with hiring decisions. What kind of test wo
    9·1 answer
  • Jorge was reprimanded for an accounting error by his boss in front of his co-workers. jorge gets home from his job and yells at
    6·1 answer
  • Monique buys a new television for​ $795. she receives consumer surplus of​ $355 from the purchase. how much does monique value h
    6·1 answer
  • Suppose that a negative externality is created by the production of good X. Which of the following statements is correct?
    11·1 answer
  • You want to buy a $300,000 home. You have $30,000 as a down payment. Therefore, buying the house will require you to take out a
    8·1 answer
  • Some states have recently restructured (or are considering restructuring) their electricity industries to allow utilities to pur
    15·1 answer
  • The steps in the budgeting process are
    9·1 answer
  • What product are you making to bring Toys R Us back?
    6·1 answer
  • Tzunam Corp. is preparing its cash budget. It expects to have sales of $30,000 in January, $35,000 in February, and $30,000 in M
    10·1 answer
  • Learning Task No. 1: Complete the following table.
    7·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!