If a calendar year S Corporation does not request an automatic extension of time to file its income tax return, the original due date of the return is: January 31 March 15 April 15 June 15

PS Swim Inc has a year end of November 30. It is a small CCPC. For its 2019 taxation year, its income tax return is due on Qulz naw of Select one 1011 O a February 28, 2020. b. May 31, 2020. Frish OC. April 30, 2020. Tl O d. None of the above O e. January 31, 2020. The balance due date for a corporation is: Select one O a April 30 ot the following year. Ob The same as the tiling deadiine. Oc. Two months after the end of the fiscal year, or three months after the end of the fiscal year if the corporation is a small CCPC O d. Three months after the end of the fiscal year, or two months after the end of the fiscal year if the corporation is a smal CCPC

The payroll of Sheridan Company for September 2019 is as follows.Total payroll was $492,000, of which $118,000 is exempt from Social Security tax because it represented amounts paid in excess of $128,400 to certain employees. The amount paid to employees in excess of $7,000 was $402,000. Income taxes in the amount of $78,800 were withheld, as was $9,400 in union dues. The state unemployment tax is 3.5%, but Sheridan Company is allowed a credit of 2.3% by the state for its unemployment experience. Also, assume that the current FICA tax is 7.65% on an employee’s wages to $128,400 and 1.45% in excess of $128,400. No employee for Sheridan makes more than $125,000. The federal unemployment tax rate is 0.8% after state credit.Prepare the necessary journal entries if the wages and salaries paid and the employer payroll taxes are recorded separately.

27-Muscat Steels LLC received an assessment order (AO) from income tax authority on 1st August 2020. As per the AO, the due date of filing of final return was on 31st July 2020 for the tax year 2019 and the tax payable is assessed as RO 200,000. What will be the amount of tax to be paid by the taxpayer assuming that if the payment of tax was made on 30th April 2021? O a. RO 201,500 b. RO 202,000 O c. RO 200,500 o d. None of the options

On January 1, year 1 $1,000,000 was collected in advance for rental of a building for a five-year period. The entire $1,000,000 was reported as taxable income for the year. The enacted tax rate for this year is 44%. The enacted tax rate for all future years was 46%. As the result of a change in the tax law, the enacted tax rate for years all years after year 3 is 45%. Make the journal entry to record income tax expense at December 31, year 2, assuming income tax payable is $1,749,000. SHOW COMPUTATIONS

Egolf Corporation failed to include $300,000 of taxable interest income on its 2021 calendar year Form 1120. The gross income reported on the return was $4.7 million, and the return was filed on February 20, 2022. Required: a. What is the last day on which the IRS may assess additional tax for Egolf's 2021 taxable year? b. Assume Egolf only reported $1 million in gross income on its 2021 calendar year return. What is the last date on which the IRS may assess additional tax for 2021? Complete this question by entering your answers in the tabs below. Required A Required B What is the last day on which the IRS may assess additional tax for Egolf's 2021 taxable year? Due date for assessment of additional tax is

If an individual taxpayer is unable to file a tax return by its original due date, the tax payer can be request an automatic 9 month extension to file the return. True or False?

34. An organisation that is an accruals quarterly payer has completed the BAS for the third quarter in the tax year. • By what date must this be reported and lodged? • If the organisation had chosen to report monthly, by what date would the March BAS need to be lodged?

At December 31, 2020 Sunland Corporation reported a deferred tax liability of $210000 which was attributable to a taxable temporary difference of $740000. The temporary difference is scheduled to reverse in 2024. During 2021, a new tax law increased the corporate tax rate from 20% to 30%. Sunland should record this change by debiting

A C corporation has a fiscal year-end of August 30. In tax year 2022, it requests an automatic extension of time to file its income tax return. It must file its return no later than the 15th day of:   Multiple Choice   March.   June.   April.   May.