The taxpayer was in the 35% marginal tax bracket in 2018 and deducted $15,000 in state income taxes as an itemized deduction that year. In 2019, he filed his 2018 state income tax return and received a $5,000 refund of state income taxes paid in 2018. His marginal tax rate in 2019 was 12%. What was the taxpayer’s Federal tax benefit from the overpayment of his 2018 state income tax?
What will be an ideal response?
The taxpayer realized a benefit because the deduction in 2018 yielded benefits of $0.35 for each dollar of deductions while the recovery of the prior deduction was taxed at only 12%. The taxpayer’s benefit was $1,150 [(0.35 – 0.12)($5,000)].
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Executive recruiters are sometimes referred to as ______.
a. management agents b. headhunters c. promoters d. private recruiters
________ provide an incentive to a channel member for performing some function in the channel that benefits the seller, such as stocking a product or performing a product service.
A. Trade discounts B. Seasonal discounts C. Promotional allowances D. Cash discounts E. Quantity discounts
What does the Delaware antitakeover statute provide? How can an acquirer evade the restrictions imposed by this statute?
What will be an ideal response?
The depreciation method that allocates an equal portion of the total depreciable cost for a plant asset to each unit produced is called:
A. Straight-line depreciation. B. Accelerated depreciation. C. Declining-balance depreciation. D. Modified accelerated cost recovery system (MACRS) depreciation. E. Units-of-production depreciation.