Osprey Corporation, an accrual basis taxpayer, reported taxable income for 2020 and paid $40,000 on its estimated state income tax for the year. During 2020, the company received a $4,000 refund upon filing its 2019 state income tax return. The company filed its 2020 state income tax return in August 2021 and paid the $7,000 state income tax due for 2020. In December 2020, the company received a notice from the state tax commission that an additional $6,000 of income tax was due for 2018 because of an error on the return. The company acknowledged the error in December 2020 and paid the additional $6,000 in tax in February 2021. What is Osprey's 2020 Federal income tax deduction for state income taxes

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

Steele bicycle manufacturing company currently produces the handlebars used in manufacturing its bicycles, which are high-quality racing bikes with limited sales. steele produces and sells only 10,000 bikes each year. due to the low volume of activity, steele is unable to obtain the economies of scale that larger producers achieve. for example, steele could buy the handlebars for $31 each: they cost $34 each to make. the following is a detailed breakdown of current production costs: after seeing these figures, steele's president remarked that it would be foolish for the company to continue to produce the handlebars at $34 each when it can buy them for $31 each. calculate the total relevant cost. do you agree with the president's conclusion?

3. describe the purpose of the sec. (1-4 sentences. 2.0 points)