The Kimpton Corporation pays the following taxes during 2020: Federal taxes withheld from employees $26,000 State taxes withheld from employees 9,000 Social Security withheld from employees 4,850 Kimpton's share of Social Security taxes 4,850 Federal income tax paid in 2020 with 2019 tax return 1,790 Federal income tax paid in 2020 12,340 Real estate taxes 6,750 State income taxes paid in 2020 5,720 State income taxes paid in 2020 with 2019 return 690 State tax on capital acquisitions 2,700 Sales tax on supplies 3,250 Also, the county treasurer notifies Kimpton that it is being assessed a special real estate tax of $64,000 for upgrading the sidewalks and sewer connections in the area. The special tax is payable in 4 yearly installments of $16,000. How much can Kimpton deduct for taxes paid in 2020?
The Kimpton Corporation pays the following taxes during 2020: Federal taxes withheld from employees $26,000 State taxes withheld from employees 9,000 Social Security withheld from employees 4,850 Kimpton's share of Social Security taxes 4,850 Federal income tax paid in 2020 with 2019 tax return 1,790 Federal income tax paid in 2020 12,340 Real estate taxes 6,750 State income taxes paid in 2020 5,720 State income taxes paid in 2020 with 2019 return 690 State tax on capital acquisitions 2,700 Sales tax on supplies 3,250 Also, the county treasurer notifies Kimpton that it is being assessed a special real estate tax of $64,000 for upgrading the sidewalks and sewer connections in the area. The special tax is payable in 4 yearly installments of $16,000. How much can Kimpton deduct for taxes paid in 2020?
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
Problem 1PS
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The Kimpton Corporation pays the following taxes during 2020:
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Also, the county treasurer notifies Kimpton that it is being assessed a special real estate tax of $64,000 for upgrading the sidewalks and sewer connections in the area. The special tax is payable in 4 yearly installments of $16,000.
How much can Kimpton deduct for taxes paid in 2020?
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