Osprey Corporation, an accrual basis taxpayer, had taxable income for 2016 and paid $40,000 on its estimated state income tax for the year. During 2016, the company received a $4,000 refund upon filing its 2015 state income tax return. The company filed its 2016 state income tax return in August 2017 and paid the $7,000 state income tax due for 2016. In December 2016, the company received a notice from the state tax commission that an additional $6,000 of income tax was due for 2014 because of an error on the return. The company acknowledged the error in December 2016 and paid the additional $6,000 in tax in February 2017. What is Osprey’s 2016 Federal income tax deduction for state income taxes?

At the beginning of each month, desmond receives a written statement from his bank containing all the transactions processed on his checking account for the previous month desmond compares his check register to this bank statement. this comparison is known as your account. a. confirming b. reconciling c. comparing d. finalizing

Which of the following statements best reflects a price-taking firm? price-taking firms maximize profits by charging a price above marginal cost. the firm can sell only a limited amount of output at the market price before the market price will fall. if the firm were to charge more than the going price, it would sell none of its goods. the firm has an incentive to charge less than the market price to earn higher revenue.

Bill is 31 years old, married, and lived with his spouse michelle from january 2018 to september 2018. bill paid all the cost of keeping up his home. he indicated that he is not legally separated and he and michelle agreed they will not a file a joint return. bill has an 8-year-old son, daniel, who qualifies as bill's dependent. bill worked as a clerk and his wages are $20,000 for 2018. his income tax before credits is $500. in 2018, he took a computer class at the local university to improve his job skills. bill has a receipt showing he paid $1,200 for tuition. he paid for all his educational expenses and did not receive any assistance or reimbursement. bill does not have enough deductions to itemize. bill, michelle, and daniel are u. s. citizens with valid social security numbers. 8. bill does not qualify to claim which of the following: a. head of household b. education benefit c. earned income credit d. all of the above