Question

In: Accounting

Victoria's 2019 tax return was due on April 15, 2020, but she did not file it...

Victoria's 2019 tax return was due on April 15, 2020, but she did not file it until June 12, 2020. Victoria did not file an extension. The tax due on the tax return when filed was $10,000. In 2019, Victoria paid in $16,500 through withholding. Her 2018 tax liability was $14,500. Victoria’s AGI for 2019 is less than $150,000. How much penalty will Victoria have to pay (disregard interest)?

Solutions

Expert Solution


Related Solutions

For the following taxpayers, determine if they are required to file a tax return in 2020....
For the following taxpayers, determine if they are required to file a tax return in 2020. Ricko, single taxpayer, with gross income of $15,000. 2. Fantasia, head of household, with gross income of $17,500. 3. Ken and Barbie, married taxpayers with no dependents, with gross income of $20,000. 4. Dorothy and Rudolf, married taxpayers, both age 68, with gross income of $25,500. 5. Janyce, single taxpayer, age 73, with gross income of $13,500.
Refundable Child Tax Credit. Pat and Diedra Dobson file a joint tax return for 2019. The...
Refundable Child Tax Credit. Pat and Diedra Dobson file a joint tax return for 2019. The Dobsons’ AGI is $30,900, of which $27,300 is taxable wages. The Dobsons’ take the standard deduction and claim as dependents to their two teenage children, ages 13 and 15. Other than the child tax credit, the Dobsons’ do not claim ant nonrefundable personal tax credits. Compute the Dobsons’ nonrefundable and refundable child tax credit.
If you don't file your tax return by the due date and assuming that your money,...
If you don't file your tax return by the due date and assuming that your money, you would be hit with two penalties: failure to file and failure to pay. The failure-to-file penalty is equal to 5% of the taxes you owe for each part of a month you're late, up to a maximum of 25% of unpaid taxes. Therefore, this penalty reaches its maximum after a 5-month filing delay. For example, if you're two days late with filing and...
If you don't file your tax return by the due date and assuming that you money,...
If you don't file your tax return by the due date and assuming that you money, you would be hit with two penalties: failure to file and failure to pay. The failure-to-file penalty is equal to 5% of the taxes you owe for each part of a month you're late, up to a maximum of 25% of unpaid taxes. Therefore, this penalty reaches its maximum after a 5-month filing delay. For example, if you're two days late with filing and...
In 2019, Sheryl is claimed as a dependent on her parents' tax return. Sheryl did not...
In 2019, Sheryl is claimed as a dependent on her parents' tax return. Sheryl did not provide more than half her own support. What is Sheryl's tax liability for the year in each of the following alternative circumstances? Use Tax Rate Schedule, Dividends and Capital Gains Tax Rates, Estates and Trusts for reference. (Leave no answer blank. Enter zero if applicable.) rev: 02_29_2020_QC_CS-202942 a. She received $6,100 from a part-time job. This was her only source of income. She is...
In 2019, Sheryl is claimed as a dependent on her parents' tax return. Sheryl did not...
In 2019, Sheryl is claimed as a dependent on her parents' tax return. Sheryl did not provide more than half her own support. What is Sheryl's tax liability for the year in each of the following alternative circumstances? Use Tax Rate Schedule, Dividends and Capital Gains Tax Rates, Estates and Trusts for reference. (Leave no answer blank. Enter zero if applicable.) rev: 02_29_2020_QC_CS-202942 a. She received $6,100 from a part-time job. This was her only source of income. She is...
In 2019, Sheryl is claimed as a dependent on her parents' tax return. Sheryl did not...
In 2019, Sheryl is claimed as a dependent on her parents' tax return. Sheryl did not provide more than half her own support. What is Sheryl's tax liability for the year in each of the following alternative circumstances? Use Tax Rate Schedule, Dividends and Capital Gains Tax Rates, Estates and Trusts for reference. (Leave no answer blank. Enter zero if applicable.) rev: 02_29_2020_QC_CS-202942 b. She received $7,200 of interest income from corporate bonds she received several years ago. This is...
Which of the following taxpayers need not file a tax return for 2019? Married taxpayers (ages...
Which of the following taxpayers need not file a tax return for 2019? Married taxpayers (ages 69 and 67 years), filing jointly, with gross income of $26,724. An unmarried taxpayer who is over age 65, with gross income of $20,771. An unmarried taxpayer, under age 65, with gross income of $26,058. An unmarried taxpayer, over age 65, filing as head of household with gross income of $20,830. All of the above taxpayers must file a return.
For a sample of 400 individuals who filed a tax return between April 10 and 15,...
For a sample of 400 individuals who filed a tax return between April 10 and 15, the sample mean refund was $930. Based on prior experience a population standard deviation of $1600 may be assumed. What is the p-value (to 4 decimals)? d. Using = 0.05, what is the critical value for the test statistic?
3- In 2019, Sheryl is claimed as a dependent on her parent’s tax return. Sheryl did...
3- In 2019, Sheryl is claimed as a dependent on her parent’s tax return. Sheryl did not provide more than half her own support. She received $7,200 from a part-time job. This was her only source of income. She is 16 years old at year-end. What is Sheryl’s tax liability for the year? 4-In 2019, Sheryl is claimed as a dependent on her parent’s tax return. Sheryl did not provide more than half her own support. She received $7,200 of...
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT