The Kimpton Corporation pays the following taxes during 2020: Federal taxes withheld from employees .......................$ 26,000 State

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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. What amount can Kimpton deduct for taxes paid in 2020?

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Concepts In Federal Taxation 2021

ISBN: 9780357141212

28th Edition

Authors: Kevin E. Murphy, Mark Higgins, Randy Skalberg

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