Question

In: Accounting

In the 2019 tax year, Michelle paid the following amounts relating to her 2017 tax return:...

In the 2019 tax year, Michelle paid the following amounts relating to her 2017 tax return: Tax deficiency $5,000 Negligence penalty 1,000 Interest 500 Underpayment of the estimated tax penalty 350 Which of the above items may be deducted on Michelle’s 2019 individual income tax return? Explain

!!!response should be 200 words or more!!!

Solutions

Expert Solution


Related Solutions

Carla paid her lawyer the following amounts during 2017. 5000 for representation during a divorce ,...
Carla paid her lawyer the following amounts during 2017. 5000 for representation during a divorce , 800 to prepare her will and 3000 for assistance in obtaining alimony . How much in legal fees can Carla claim? 800 3000 5000 8000 2. Sofia filed her 2016 return on Nov 1 , 2017 she did not have a valid extension of time to file. In which of the following situation would she most likely qualify for a penalty exception? Sofia lost...
In 2017, Sheryl is claimed as a dependent on her parents’ tax return. Her parents’ ordinary...
In 2017, Sheryl is claimed as a dependent on her parents’ tax return. Her parents’ ordinary income marginal tax rate is 35 percent. 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? a) She received $7,000 from a part-time job. This was her only source of income. She is 16 years old at year-end. b) She received $7,000 of interest income from corporate bonds...
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...
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​...
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...
Hugh, a self-employed individual, paid the following amounts during the year 2020: Real estate tax on...
Hugh, a self-employed individual, paid the following amounts during the year 2020: Real estate tax on Texas residence   $2,000 State income tax withheld   1,500 Additional state income tax paid when filing his 2019 tax return 600 Real estate tax on a rental property   2,000 State sales taxes 900 State motor vehicle tax (based on the value of personal use automobile) 400 Sidewalk special assessment   2,000 Federal income tax   5,000 Self-employment tax   1,000 Gambling loss (gambling winning is $100)   1,000 What...
Hugh, a self-employed individual, paid the following amounts during the year 2020: Real estate tax on...
Hugh, a self-employed individual, paid the following amounts during the year 2020: Real estate tax on Louisiana residence   $2,000 State income tax withheld   1,500 Additional state income tax paid when filing his 2019 tax return 600 Real estate tax on a rental property   2,000 State sales taxes 900 State motor vehicle tax (based on the value of personal use automobile) 400 Sidewalk special assessment   2,000 Federal income tax   5,000 Self-employment tax   1,000 Gambling loss (gambling winning is $100)   1,000 What...
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT