Questions 1-4 are about Extensions to File Your Tax Return.

1. Form ____________ allows you to request an extension to file your tax return.

2. Generally, what is the due date to file the Extension to File form for your taxes? Give the month and day. (For this question, ignore the CARES Act.) ________________

3. If you obtain an extension to file your federal tax return, what is the new due date of your return? Give the month and day. __________________________

4. Does an extension to file also allow an extension to pay your balance due? _______________

5. Does an extension to file waive the interest that accrues on a balance due? ______________

For Questions 6-8, use the Penalties handout, and do a search for “Common Penalties for Individuals” on the website www.irs.gov.

6. The Failure to File penalty is ________% of the tax due per _______________ that the return is filed late, up to ______ months.

7. The Failure to Pay (late payment) penalty is generally ___________% of the tax due per _____________ that the tax is not paid by the regular due date of the return. The maximum Failure to Pay penalty is ________%.

8. The Failure to Pay penalty will not be charged if you file a(n) ______________________, pay at least ________% of the total tax on the return by the regular due date and pay the remaining balance by the __________________________ date.

For Questions 9-13, use the Instructions for Form 9465.

9. Use Form 9465 if you are requesting a(n) ____________________________________ because you can’t pay the full amount due on your tax return or notice sent to you.

10. You are eligible for a guaranteed installment agreement if:

• the tax you owe is not more than $_________________;
• during the past ______ tax years, you (and your spouse if filing a joint return) have timely filed all __________________________________ and paid any income tax due;
• you have not entered into an ____________________________________ for the payment of income tax;
• you agree to pay the full amount you owe within_______ years and to comply with the tax laws while the agreement is in effect; AND
• you are financially _____________________ to pay the liability in full when due.

11. Identify the user fee for setting up an installment agreement if:

(a) you use the online payment application and you pay by direct debit: $__________________

(b) you use the online payment application and you pay by check: $_________________

(c) you don’t use the online payment application and you pay by direct debit: $_____________

(d) you don’t use the online payment application and you pay by check: $____________

12. You can avoid the user fee to set up an installment agreement if you can pay the entire balance due within _______________ days. To apply for this short-term payment plan, you can call the IRS or use the online payment agreement application at the website ________________________.

13. What is the reduced installment agreement user fee for low-income taxpayers? $________

For Questions 14-19, use Form 13844.

14. Form 13844 is the Application for _________________________________ for Installment Agreements.

15. To qualify for a waiver of the reduced user fee, a low-income taxpayer must agree to what payment method? _______________________

16. If a low-income taxpayer is unable to make payments by direct debit, then the taxpayer must pay the reduced user fee but will get reimbursed upon completion of the _________________________________________________.

17. A low-income taxpayer is defined as a person whose AGI for the most recent tax year available is at or below ________________% of the federal poverty level.

18. According to Form 13844, if you live in Massachusetts and your family size is 3, then you are low-income if your AGI is below $______________________.

19. A low-income taxpayer must submit the certification portion of the Form 13844 within ________ days from the date of the Installment Agreement Acceptance Letter.

For Questions 20-22, use Pub 4012, Tab K, Balance Due Returns.

20. According to Pub 4012, Tab K, what are the 7 payment methods for balances due?

______________, ______________, ______________, ______________, ______________, ______________, ______________

21. A W-2 taxpayer wants to avoid owing taxes next year. The taxpayer should fill out a new Form _________ and submit to his/her employer.

22. A 1099-MISC taxpayer wants to avoid owing taxes next year. The taxpayer should fill out a Form _____________, Estimated Tax for Individuals, and submit it with a payment.

WHAT WOULD YOU DO?

23. The taxpayer thinks he will owe taxes and wants to know if he should file his tax return EARLY or LATER in the tax season. What would be your advice to the taxpayer, and why?

f(x) = xln(x+1)

Find the Taylor polynomal to n=4 at the point c =1

Problem 4-1 The following are September transactions for Lila Company.
Sep. 1 Issued common shares for $3,000 cash
Sep. 1 Borrowed $10,000 cash from the bank
Sep. 1 Paid $8,000 cash for a used truck
Sep. 3 Signed a contract with a customer to do a $15,000 job beginning in November
Sep. 4 Paid $600 for a one-year truck insurance policy effective September 1
Sep. 5 Collected fees of $2,000 for work to be performed in September and October
Sep. 7 Billed a client $5,000 for services performed today
Sep. 9 Paid $250 for supplies purchased and used today
Sep. 12 Purchased $500 of supplies on credit
Sep. 15 Collected $1,000 of the amount billed August 7
Sep. 16 Paid $200 for advertising in The News that ran the first two weeks of September
Sep. 20 Paid $250 of the amount owing regarding the credit purchase of September 12
Sep. 25 Paid the following expenses: rent for September, $350; salaries, $2,150; telephone, $50
Sep. 28 Called clients for payment of the balances owing from September 7
Sep. 31 Billed a client $6,000 for services performed today
Required:
Prepare journal entries in good form for each of the above transactions concerning the business of Lila Company. Use General Journal report presented in the chapter.

Information for questions 1-4: On January 1, Town Spa Pizza purchased a delivery truck for $36,000. The truck has an estimated useful life of 10 years or 140,000 miles and an estimated residual value of $8,000. Town Spa’s fiscal year is the calendar year. Calculate the amounts requested below.

1.         Depreciation Expense for the year, using the production method. Assume 22,000 miles were driven this year.

a. $4,400           c. $2,800

            b. $5,657              d. $3,600

2.         The total accumulated depreciation after the truck has been used for 5 years, using the straight-line method.

a. $22,000         c. $2,800

            b. $13,000         d. $14,000

3.         Depreciation Expense for year 3 of use, using the double-declining balance method.

a. $4,032            c. $3,584

            b. $5,184           d. $4,608

4.         Assume the truck was purchased on September 20. The depreciation expense for calendar year 2 of use, using the double-declining balance method, would be:

a. $4,750            c.$3,656

            b. $6,840           d. $5,320

DIRECTIONS: DO ONLY 1 OF THE FOLLOWING TASKS:
1. Create 3-4 paragraph essay that will support the creation of Space Studies Program in
the Philippines.
2. Create a 2-3 stanza poem that will showcase the importance of having Space Program
and the benefit of the Philippines in general.

Bonnie purchased a 10 year bond on 1/1/2000. The bond was purchased to yield 4% per year convertible quarterly. The coupons are paid at 5% convertible quarterly. The bond is redeemable at par at the amount of 10,000. Bonnie received a coupon on 7/1/2005. What is the amortization of premium of the coupon she just received? 20.28 20.90 19.65 20.32 20.69

choose one (1) of the four (4) federal worker's compensation plans to research. Create a 5-1- slide PowerPoint presentation to explain the history of the program of your choosing.

Math 1635 Statistics Probability (Chapter 4) Worksheet

1. If there are 20 marbles marked from 1 to 20 in the bag, what is the probability to pick a marble from the bag and the number can be

(a) divided by 2 or 5

(b) divided by 3 or 7

2. When a card is selected from the deck of 52 cards, find the probability of getting

(a) a spade or a face

(b) a queen or black

(c) a club or an 8

3. When 2 dice are rolled, find the probability of getting

(a) A sum of 7

(b) A sum greater than 8.

(c) A sum less than or equal to 5.

4. A bag contains 2 red, 3 green and 5 white balls. A ball is selected at random and its color is noted. Then it is replaced and another ball is selected and its color is noted. Find the probability of:

(a) selecting 2 green balls

(b) selecting red and then green balls