Uramilaben In January, Win Lu's employer withheld $25,000 from Win's 2023 salary. Win has also income from several other sources and mustmake quarterly estimated tax payments.Required:a. Compute the quarterly payments that result in a 2024 safe-harbor estimate assuming that Win's 2023 AGI is $176,000 and incometax is $47,200.b. Compute the quarterly payments that result in a 2024 safe-harbor estimate assuming that Win's 2023 AGI is $139,000 and incometax is $36,800.Complete this question by entering your answers in the tabs below.Required A Required BCompute the quarterly payments that result in a 2024 safe-harbor estimate assuming that Win's 2023 AGI is $176,000 andincome tax is $47,200.Quarterly PaymentRequired ARequired B >

Adjusted Gross Income (AGI) is a key measure used in the United States tax system to determine an…

Answered: In January, Win Lu's employer withheld…

SWFT Comprehensive Vol 2020

43rd Edition

ISBN:9780357391723

Author:Maloney

Publisher:Maloney

Chapter4: Gross Income: Concepts And Inclusions

Section: Chapter Questions

Problem 21CE

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How do the all events and economic performance requirements apply to the following transactions by an accrual basis taxpayer? a. The company guarantees its products for six months. At the end of 2019, customers had made valid claims for 600,000 that were not paid until 2020. Also, the company estimates that another 400,000 in claims from 2019 sales will be filed and paid in 2020. b. The accrual basis taxpayer reported 200,000 in corporate taxable income for 2019. The state income tax rate was 6%. The corporation paid 7,000 in estimated state income taxes in 2019 and paid 2,000 on 2018 state income taxes when it filed its 2018 state income tax return in March 2019. The company filed its 2019 state income tax return in March 2020 and paid the remaining 5,000 of its 2019 state income tax liability. c. An employee was involved in an accident while making a sales call. The company paid the injured victim 15,000 in 2019 and agreed to pay the victim 15,000 a year for the next nine years.
On January 1, 2019, Kunto, a cash basis taxpayer, pays 46,228 for a 24-month certificate. The certificate is priced to yield 4% (the effective interest rate) with interest compounded annually. No interest is paid until maturity, when Kunto receives 50,000. In your computations: a. Compute Kuntos gross income from the certificate for 2019. b. Compute Kuntos gross income from the certificate for 2020. Round any amounts to the nearest dollar.
Kana is a single wage earner with no dependents and taxable income of $205,000 in 2019. Her 2018 taxable income was $155,000 and tax liability was $31,490. Calculate the following (note: this question requires the use of the tax tables in Appendix A): Kana's 2019 income tax liability $_______________ Kana's minimum required 2019 annual payment necessary to avoid penalty $______________

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