If Karen filed her taxes on time but didn't pay her due amount till 135 days late, what would her Failure-to-Pay penalty be if she owed an additional $5,500 in taxes? (type your answer as a number don't put a "S" sign
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- Joan filed her individual tax return 3 months late she did not request an extension along with the return she remitted a check for 800.00 disregarding interest calculate the total penalties that Joan will be required to pay the failure to pay is not fraud48. PR.03-19 Problem 3-19 Bad Debts (LO 3.10) Sharon is an orthopedic surgeon. She performed a surgery 2 years ago and billed $10,000 to her patient. After 2 years of attempting to collect the money, it is clear that Sharon will not be able to collect anything. Sharon reports income on her tax return on the cash basis, so she only reports the income she actually receives in cash each year. Can she claim a bad debt deduction for the $10,000? because a deduction is allowed to the extent that income arising from the servicesHow is penalty pay worked up for problems like these? Lorna Hall’s real estate tax of $2,010.88 was due on December 14, 2019. Lorna lost her job and could not pay her tax bill until February 27, 2020. The penalty for late payment is 612% ordinary interest. (Use Days in a year table.)a. What is the penalty Lorna must pay? (Round your answer to the nearest cent.) b. What is the total amount Lorna must pay on February 27? (Round your answer to the nearest cent.)
- Problem 7: Exclusions from income Annie Wilkes is a single taxpayer who reports the following transactions during 2022: ● At her part time job she uses the gym on the company premises that is available to all employees. The total value of the gym membership is $1,500 • She receives $700 a month from an annuity she purchased on 1/1/2020 for $50,000 when she was 35 years old (which is also the age she began receiving payments). The annuity will pay her for the rest of her life. • She received $20,000 from the University of Kansas. Of this, $2,000 represented a scholarship to cover tuition, $17,000 a stipend to assist with living expenses, and 1,000 for book purchases. She received a refund of $2,000 for a contribution to her health savings account (HSA) made in 2021. ● Required: How much of the above transactions will be excluded from Annie's income for 2022?Problem 5-4 Individual Retirement Accounts (LO 5.3) Phil and Linda are 25-year-old newlyweds and file a joint tax return. Linda is covered by a retirement plan at work, but Phil is not. If an amount is zero, enter "0". a. Assuming Phil's wages were $27,000 and Linda's wages were $18,500 for 2021 and they had no other income, what is the maximum amount of their deduction for contributions to a traditional IRA for 2021? Phil Linda b. Assuming Phil's wages were $55,000 and Linda's wages were $71,000 for 2021 and they had no other income, what is the maximum amount of their deduction for contributions to a traditional IRA for 2021? Phil Linda $Use Figure 12.15 as a reference to answer the following questions. A. If an employee makes $1,400 per month and files as single with no withholding allowances, what would be his monthly income tax withholding? B. What would it be if an employee makes $2,500 per month and files as single with two withholding allowances?
- LO.5 During 2019, Greg Cruz (1401 Orangedale Road, Troy, MI 48084) works for Maple Corporation and Gray Company. He earns 90,000 at Maple Corporation, where he is a full-time employee. Greg also works part-time for Gray Company for wages of 50,000. a. Did Greg experience an overwithholing of FICA taxes? Write a letter to Greg and a memo for the tax files in which you explain your conclusion. b. Did Maple Corporation and Gray Company overpay the employers portion of FICA? Explain.b. Joan filed her individual income tax return 4(1)/(2) months after it was due. She did not request an extension of time for filing. Along with her return, Joan remitted a check for $750, which was the balance of the taxes she owed with her return. Disregarding interest, calculate the total penalty that Joan will be required to pay, assuming the failure to file was not fraudulent.b. Joan filed her individual income tax return 3 months after it was due. She did not request an extension of time for filing. Along with her return, Joan remitted a check for $11,510, which was the balance of the taxes she owed with her return. Disregarding interest, calculate the total penalties that Joan will be required to pay, assuming the failure to file was not fraudulent.$
- QUESTION 8 Ellen, age 48, is a single taxpayer. She is self-employed. She has business profit of $50,000. She wants to make the maximum contribution to her SEP IRA. How much can she contribute? $9,294 $8,587 $10,000 $9,235QUESTION 3 Francisco's gross income this year is $29,550. His employer withholds $55 per month to pay for his health insurance premium, and another $60 per month toward his retirement fund. Since he is single he qualifies for a $12,000 standard deduction. What is his taxable income?18 Banzai Plus Work BEYOND BANZAI PLUS VOCAB FILL IN THE BLANK Complete the paragraph using the terms below. Pay Stub Net Income Gross Income Taxes Premium Direct Deposit Direct Deposit Coraline just got her very first paycheck! Because she uses money was deposited into her account automatically. She logs in to her employer's paycheck portal to the and is shocked to see how much her is view her after deductions. Her work deducts her health insurance with and that combined means that over $100 was taken from her But she still has enough left for her expenses-phew!
