Question
In: Accounting
Isabella files her income tax return 180 days after the due date of the return without...
Isabella files her income tax return 180 days after the due date of the return without obtaining an extension from the IRS. Along with the return, she remits a check for $90,000, which is the balance of the tax she owes.
Note: Assume 30 days in a month.
Disregarding the interest element, enter Isabella's failure to file penalty and and failure to pay penalty.
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Solutions
ekkarill92 answered 1 year agoRelated Solutions
Discussion Question 1-42 (Algorithmic) (LO. 5) Isabella files her income tax return 90 days after the...
Discussion Question 1-42 (Algorithmic) (LO.
5)
Isabella files her income tax return 90 days after the due date
of the return without obtaining an extension from the IRS. Along
with the return, she remits a check for $154,000, which is the
balance of the tax she owes.
Note: Assume 30 days in a month.
Disregarding the interest element, enter Isabella's penalty
amount for each, failure to file and failure to pay.
Failure to pay
$
Failure to file
$
Sarah is single. She files her tax return as Single. Her 2020 income from wages is...
Sarah is single. She files her tax return as Single. Her
2020 income from wages is $450,400. She has “net long-term capital
gains” of $100,000. Total 2020 gross income is $550,400. Sarah is
under 65 years of age and does not itemize her deductions. What is
Sarah’s total federal income tax?
A)
$112,829.75
B)
$128,095.50.
C) $147,922.50
D) $149,701
please show work thank you
In 2017, Juanita is married and files a joint tax return with her husband. What is...
In 2017, Juanita is
married and files a joint tax return with her husband. What is her
tentative minimum tax in each of the following alternative
circumstances? (Input all values as positive. Leave
no answer blank. Enter zero if applicable.)
Description
Amount
(1)
AMT base
(2)
Dividends
taxed at preferential rate
(3)
Tax rate
applicable to dividends
15
%
(4)
Tax on
dividends
(5)
AMT base taxed
at regular AMT rates
(6)
Tax on AMT
base taxed at 26% rate...
In 2017, Juanita is married and files a joint tax return with her husband. What is...
In 2017, Juanita is
married and files a joint tax return with her husband. What is her
tentative minimum tax in each of the following alternative
circumstances? (Input all values as positive. Leave
no answer blank. Enter zero if applicable.)
Description
Amount
(1)
AMT base
(2)
Dividends
taxed at preferential rate
(3)
Tax rate
applicable to dividends
15
%
(4)
Tax on
dividends
(5)
AMT base taxed
at regular AMT rates
(6)
Tax on AMT
base taxed at 26% rate...
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...
What is the normal due date for the tax return of calendar-year taxpayers? What happens to...
What is the normal due date for the tax return of calendar-year
taxpayers? What happens to the due date if it falls on a Saturday,
Sunday, or holiday?
A. The normal due date for calendar-year individuals,
partnerships and calendar-year corporations is April 30. The
normal due date is delayed to the next Tuesday that is not a
Saturday, Sunday or holiday. If the normal due date falls on
Saturday, Sunday, or holiday, it is delayed to the next
Tuesday.
B....
Ruth, who files as single, reported itemized deductions of $12,300 on her 2018 tax return.
Ruth, who files as single, reported itemized deductions of
$12,300 on her 2018 tax return. Her itemized deductions included
$400 of state taxes paid. In 2019, she received a $275 refund of
state taxes paid in 2018. What is the amount that Ruth needs to
report on her 2019 tax return? A) $400. B) $275. C) $300. D)
$0.
Amanda files her current year tax return on June 18 of the following year. On August...
Amanda files her current year tax return on June 18 of the
following year. On August 8 she pays the amount due, if any,
without requesting an extension. The tax shown on her return is
$20,000.Amanda pays no estimated taxes and claims no tax credits on
her current year return.
Requirements
What penalties will the IRS likely impose on Amanda (ignoring the penalty
for underpayment of estimated taxes)? On what dollar amount, and
for how many days, will
Amanda owe...
Isabella is filing as the head of a household. Her taxable income is $68,014. Use the...
Isabella is filing as the head of a household. Her taxable
income is $68,014. Use the Tax Table, Exhibit 18-3 from your text,
to find the tax liability.
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