Pierre, a cash basis, unmarried taxpayer, had $5,480 of state income tax withheld during 2020. Also in 2020, Pierre paid $1,370 that was due when he filed his 2019 state income tax return and made estimated payments of $3,836 towards his 2020 state income tax liability. When Pierre files his 2020 Federal income tax return in April 2021, he elects to itemize deductions, which amount to $16,550, including the state income tax payments and withholdings, all of which reduce his taxable income.

Which financial component is a mandatory deduction from your gross pay? a. sales tax b. social security tax c. health insurance d. disaster relief fund (drf) e. voluntary deduction

Neon light company of kansas city ships lamps and lighting appliances throughout the country. ms. neon has determined that through the establishment of local collection centers around the country, she can speed up the collection of payments by one and one-half days. furthermore, the cash management department of her bank has indicated to her that she can defer her payments on her accounts by one-half day without affecting suppliers. the bank has a remote disbursement center in florida. a. if neon light company has $2.90 million per day in collections and $1.18 million per day in disbursements, how many dollars will the cash management system free up?

The following information is for alex corp: product x: revenue $12.00 variable cost $4.50 product y: revenue $44.50 variable cost $9.50 total fixed costs $75,000 what is the breakeven point assuming the sales mix consists of two units of product x and one unit of product y?