Jolene filed her tax return by its original due date but did not pay the $1,700 in taxes she owed with the return until one and a half months later. Determine the amount of the late filing and late payment penalties that apply.

Q: Annie's employer withheld $10,488 in federal income tax. After completing her return, Anvie…

A: Federal income tax:- It is the tax amount that an individual owes to the government. It is the tax…

Q: Vicky is a physician who uses the cash method of accounting for tax purposes. During the current…

A: The cash method is a way of recording revenues and expenses based on cash, that is the revenue is…

Q: [The following information applies to the questions displayed below.] Clyde is a cash-method…

A: Clyde is taxed on the $1,000 that comes below the constructive receipt doctrine Amount to be…

Q: Joan filed her individual income tax return 4% months after it was due. She did not request an…

A: Financial Management: Financial management comprises of two words i.e. Finance and management.…

Q: Rita, a calendar-year individual taxpayer, files her 2018 income tax return on October 5, 2020. An…

A: Tax filling means to fill a form in which the income and expenses of the tax payers are filled along…

Q: Customer Y fails to file his tax return until three months after the deadline, and his failure to…

A: Income tax:   Income tax is the tax that an individual is responsible for on their earned income. It…

Q: Rita files her income tax return 180 days after the due date of the return without obtaining an…

A: Penalty for failure to pay: As per IRS, the penalty for failure to pay the unpaid taxes is 0.5% of…

Q: Disregarding interest, calculate the total penalty that John will be required to pay, assuming the…

A: Given information is: John filed his individual income tax return 3½months after it was due. He had…

Q: Circular 230, Subpart B

A: As per Circular 230, Subpart B, a practitioner must inform IRS any information regarding client.

Q: Geraldine is an accrual basis taxpayer who has the following transactions during the current…

A: Calculate Geraldine’s net income from her business for the current year as shown below:

Q: Maryann filed her Income Tax Return for taxable year 2021 on May 2, 2022. After an investigation, it…

A: Income tax return refers to the statement filed with the government that reflects the income,…

Q: f an amount is zero, enter "0". If required, round your answers to two decimal places. a.…

A: A) Due amount = $ 7720 Duration of Due months = 11 As per IRS: Penalty is calculated 0.5% of unpaid…

Q: .  Jack filed his tax return 8 months and 27 days late and did not request an extension of time for…

A: Workings: Jack filed his tax return 8 months and 27 days late Jack to Receive $ 9695 as refund in…

Q: During the 2021 financial year, Kate (a resident taxpayer) received wages from her employment…

A: Since the income exceeds $18,200 , the income will be taxable. Employer withholds Pay as you go…

Q: [The following information applies to the questions displayed below.] Erin is considering switching…

A: It is given that the accounts receivable are $36800 and the accounts payable are 13500. So the…

Q: Oscar filed his tax return and paid his $3,000 tax liability seven months late.     Late filing and…

A: Tax Return:   Tax return is a form for filing the income tax return with a tax authority. The tax…

Q: Oscar filed his tax return and paid his $2,700 tax liability seven months late.    Determine the…

A: The combined maximum penalty that can be imposed for late filing and late payment is 5% per month…

Q: Rita files her income tax return 35 days after the due date of the return without obtaining an…

A: Solution:- Calculation of the balance of the tax she owes as follows under:- Basic information:-…

Q: Compute the penalty described for the following taxpayers. If an amount is zero, enter "0". If…

A: As per IRS, if any assessee fails to pay taxes till due date, then late payment penalty called…

Q: Isabella files her income tax return 35 days after the due date of the return without obtaining an…

A: It is given thatTax owed is $40,000.Late in filing return is 35 days.Assumption: 30 days in a month.

Q: An estate is required to make estimated payments for any tax year ending two or more years after the…

A: Estimated taxes should be paid by fiduciary in case of  1. taxable due is equal to or more than…

Q: Compute the penalty described for the following taxpayers. If an amount is zero, enter "0". If…

A: The penalty is the excess amount that the taxpayer has to pay for the late payment of the tax…

Q: Prior to the current period, Jack had earnings subject to FICA tax of $133,500. During the current…

A: Withholding tax refers to social security tax and Medicare tax. Social security tax is 6.2% on the…

Q: Supposed Rowan, a businessman did not pay his income taxes last year since the BIR did not demand…

A: Meaning of Income from business and profession:- The term Income from business and profession means…

Q: Jim files his return one month after the due date and pays the remaining $8,000 of tax owed by him.…

A: Tax- It refers to the compulsory financial charge or levy imposed on a taxpayer by a government…

Q: Victoria's 2019 tax return was due on April 15, 2020, but she did not file it until June 12, 2020.…

A: Penalties are levied on late tax return filings unless an extension is filed by the tax payer. These…

Q: If during the year, a taxpayer voluntarily opted to pay VAT even though his sales and receipts are…

A: A taxpayer voluntarily opted to pay VAT even though his sales and receipts are not expected to…

Q: Adelaide is self-employed and must submit estimated quarterly tax payments. Her predicted total tax…

A: Total Tax Liability = $ 36000 Current Withholdings = $ 18283

Q: Victoria's 2019 tax return was due on April 15, 2020, but she did not file it until June 12, 2020.…

A: A tax is referred to as a charge on the income earned by the corporation and individuals. The tax is…

Q: Can he revoke his registration the following year opts to pay decides that he wants revert back as…

A: A taxpayer voluntarily opted to pay VAT even though his sales and receipts are not expected to…

Q: This year William provided $4,200 of services to a large client on credit. Unfortunately, this…

A: Here in this question, we are required to answer what amount of deduction for bad debt can be…

Q: Juanita is a single and is self-employed. Juanita owed $1,300 in taxes on her 2019 return and…

A: Answer with explanation are as follows.

Q: Tim, a self-employed taxpayer, did not have all the information he needed to timely file his 2020…

A: Every citizen is liable to pay taxes on the income earned by him during a particular accounting or…

Q: Jolene filed her tax return by its original due date but did not pay the $2,000 in taxes she owed…

A: Income tax: Income tax is a tax levied on an individual’s income (taxable income). It is a direct…

Q: Last year, Aleshia identified $2,200 as a nonbusiness bad debt. In that tax year before considering…

A: Alisha has received $1,848 in the current year which was considered as bad debt. Therefore, the…

Q: Susan is a single taxpayer, 26 years of age, with AGI of $28,000 and no tax-exempt income. She did…

A: As per IRS it is mandatory to file 1040 form if the income earned in year 2018 is $12,000 or more…

Q: calculate the total penalties that Joan will be required to pay, assuming the failure to file was…

A: US Tax laws allows their resident to file their returns & pay taxes after 2 months of the due…

Q: Jane sued her employer for age discrimination. She was awarded $5,000 to cover the medical bills she…

A: Given,  $5,000 to cover the medical bills $20,000 to punish the employer for discrimination $10,000…

Q: Karen Thomas is single and has one dependent. She works as a clerk for the district judge and earns…

A: Short term capital gain/loss (S.T.C.G/L): When the capital assets are sold/disposed of after holding…

Q: The IRS determined that John underpaid his 2016 tax liability by $6,000 due to negligence. In 2018,…

A: Answer a: There will be no further deduction since he paid the underpayment sum of $1,000. So…

Q: Jerry, a cash basis taxpayer, rents office space for his business. He pays $12,000 on September 1 of…

A: Under the cash method, expenses are allowed to be deducted when cash is paid for the expense…

Q: Jane, a resident taxpayer, has a taxable income of $19,500 for the income tax year ended 30 June…

A: Assuming that the question pertains to Australian Income Tax (since Australia follows a July 1 to…

Q: b.  Joan filed her individual income tax return 3 months after it was due. She did not request an…

A: Taxable income is the measurement of income which is used to calculate the amount of tax that needs…

Q: Joan filed her individual income tax return 4½ months after it was due. She did not request an…

A: SOLUTION- THERE ARE A RULE THAT IF THE RETURN HAS BEEN FILED MORE THAN 60 DAYS AFTER THE DUE DATE ,…

Q: a.  Wilson filed his individual tax return on the original due date, but failed to pay $270 in taxes…

A: A penalty is a fee levied by the IRS for failing to pay taxes by the yearly deadline or for failing…

Filing Federal Income Tax Return

A tax is the amount of money paid to the government on the revenue earned by the individual or business organization. It acts as an income for the government and an expense for the individual or business organization. There are different regulations regarding filing an income tax return in other countries.