Question

Emily Smith files her tax return on the basis of a fiscal year. Her records show that she received income in November 2018 and February 2019 from which there was backup withholding ($100 and $50, respectively). Emily takes credit for what amount of backup withholding on her tax return for the fiscal year ending September 30, 2019

Answer 1

$150

Step-by-step explanation:

Calculation for what amount of backup withholding on her tax return for the fiscal year ending September 30, 2019 will Emily takes credit for

Using this formula

Credit amount of backup withholding on her tax return for the fiscal year ending September 30, 2019= November 2018 backup withholding+February 2019 backup withholding

Let plug in the formula

Credit amount of backup withholding on her tax return for the fiscal year ending September 30, 2019=$100 + $50

Credit amount of backup withholding on her tax return for the fiscal year ending September 30, 2019 = $150

Therefore the amount of backup withholding on her tax return for the fiscal year ending September 30, 2019 will Emily takes credit for will be $150