Disregarding any small business exceptions, for the currentyear, which of the following situations will result...

Disregarding any small business exceptions, for the current year, which of the following situations will result in a taxpayer owing a penalty for underpayment of taxes?

a.A married filing joint taxpayer had AGI of $160,000 and total tax of $35,000 in the prior year. For the current year, AGI is $175,000 and total tax is $40,000. He had no withholding in the current year and paid a total of $35,000 in estimated taxes.

b.The taxpayer owes $950 in taxes after his withholding was applied to his current year's tax return.

c.The taxpayer had AGI of $75,000 and total tax of $15,000 in the prior year. For the current year, his AGI is $62,000 and total tax is $12,500. He had no withholding in the current year and paid a total of $11,500 in estimated taxes.

d.The taxpayer had AGI of $100,000 and total tax of $20,000 in the prior year. For the current year, his AGI is also $100,000, but his total tax is $15,000. His withholding amounted to $10,000, and he paid $6,000 in estimated taxes.

Solutions

Expert Solution

Disregarding any small business exceptions, for the current year, which of the following situations will result in a taxpayer owing a penalty for underpayment of taxes:-

ekkarill92 answered 1 year ago

Next > < Previous

Related Solutions

A decrease in lung compliance will result in which of the following situations? a. an increase...

A decrease in lung compliance will result in which of the following situations? a. an increase in the vital capacity of the lung b. a trend toward increased ventilation relative to pulmonary perfusion c. increase the work of breathing d. a greater change in volume for a given change in transmural pressure

1. Which of the following situations may result in the discharge of a contact? a. Performance...

1. Which of the following situations may result in the discharge of a contact? a. Performance b. Partial Performance, if agreeable to both parties c. Mutual Agreement of both parties d. Cancellation or Termination of the contract e. All of the above 2. A Deed of Trust transfers title from the trustor to a trustee, who holds it on behalf of a beneficiary. In this situation, the beneficiary is: a. the borrower b. the seller c. the lender d. the...

In each of the following situations, state at which date(s), if any, revenue will be recognised....

In each of the following situations, state at which date(s), if any, revenue will be recognised. Explain your reasoning. (a) A contract for the rendering of services is entered into on 1 May 2023. The services are delivered on 15 May 2023. The buyer pays for the services on 30 May 2023. The services are covered by a special warranty which expires on 30 June 2023. The special warranty allows for the goods to be returned and a refund...

Which of the following sources of income would NOT result in any increase in Taxable Income...

Which of the following sources of income would NOT result in any increase in Taxable Income (Division C) for the taxpayer who receives it? A. Workers’ compensation payments. B. A research grant received by a student in a university program. C. Amounts that are withdrawn from an individual’s RRSP. D. Spousal support payments.

Ignoring the annual exclusion amount, in which, if any, of the following independent situations has Jean...

Ignoring the annual exclusion amount, in which, if any, of the following independent situations has Jean made a taxable gift? a. Jean gives her 29-year old nephew $20,000 by contributing it to an IRC § 529 plan for him. The nephew does not qualify as Jean’s dependent. b. Jean buys her husband a new $120,000 RV for his birthday. c. Jean sends $24,000 to Temple University to cover her nephew’s tuition. The nephew does not qualify as Jean’s dependent. d. Jean contributes $10,000 to...

Determine which of the following polymers are the result of polymerization, and which are the result...

Determine which of the following polymers are the result of polymerization, and which are the result of post-polymerization processing. Explain! 1. low density polyethylene 2. high density polyethylene 3. phenol-formaldehyde 4. heavily cross-linked polyisoprene (glass trans. temp: 50C) 5. lightly cross-linked polyisoprene (glass trans. temp: -60C)

Using any business consilidated financial statement determine the following : 1-identify the items that may result...

Using any business consilidated financial statement determine the following : 1-identify the items that may result in adjusting entries for prepayments. 2-identify the items that may result in adjusting entries for accruals.

BUSINESS LAW There are exceptions to the English rule “Nemo dat quod non habet” which means...

BUSINESS LAW There are exceptions to the English rule “Nemo dat quod non habet” which means “No one can give a better title than he has himself” as set out in Section 27 of the Sale of Goods Act 1957. Discuss the exceptions

1- Which of the following scheduling algorithms could result in starvation? Why? If any, show how...

1- Which of the following scheduling algorithms could result in starvation? Why? If any, show how can starvation problem be resolved.a. First-come, first-served (FCFS)b. Shortest job first (SJF)c. Round robin (RR)d. Priority?2- Illustrate Peterson solution to critical section problem, showing how it satisfy the conditions of mutual exclusion, progress, and bounded waiting!3- What is the meaning of the term busy waiting? What other kinds of waiting are there in an operating system? Can busy waiting be avoided altogether? Explain your...

Write a C++ function template to add two inputs and return their result. Make exceptions for...

Write a C++ function template to add two inputs and return their result. Make exceptions for Characters (such that sum of two characters is a character associated with sum of their ASCII) and String (such that sum of two strings is their concatenation)

Subjects