The Kimpton Corporation pays the following taxes during 2021: Also, the county treasurer notifies Kimpton that it
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The Kimpton Corporation pays the following taxes during 2021:
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. What amount can Kimpton deduct for taxes paid in 2021?
Transcribed Image Text:
Federal taxes withheld from employees State taxes withheld from employees Social Security withheld from employees Kimpton's share of Social Security taxes Federal income tax paid in 2021 with 2020 tax return Federal income tax paid in 2021 Real estate taxes State income taxes paid in 2021 State income taxes paid in 2021 with 2020 return Sales tax on capital acquisitions Sales tax on supplies $26,000 9,000 4,850 4,850 1,790 12,340 6,750 5,720 690 2,700 3,250
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The Kimpton Corporation can only deduct the taxes that it actually paid in 2021 As an employer Kimp...View the full answer
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Related Book For
Concepts In Federal Taxation 2022
ISBN: 9780357515785
29th Edition
Authors: Kevin E. Murphy, Mark Higgins, Tonya K. Flesher
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