Joan Bass, an individual whose only income resulted from pensions, did not pay her net tax owing for 2019 until she actually filed her return on September 10, 2020. Her net tax owing on her balance-due day was $5,600. This is the first time she has late filed her return. How much of a late filing penalty will Joan incur?

Joan Bass, an individual whose only income resulted from pensions, did not pay her net tax owing for 2019 until she actually filed her return on September 10, 2020. Her net tax owing on her balance-due day was $5,600. This is the first time she has late filed her return. How much of a late filing penalty will Joan incur?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

A taxpayer has unutilized or excess Creditable Withholding Taxes (CWT) for the taxable year 2019. The taxpayer has collected its CWT certificates or BIR Form 2307 from its income payors/customers. Assuming during the review of the taxpayer for his Annual Income Tax Return filed for the year 2019, the taxpayer decided to apply for a refund instead of its initial decision of carrying the excess forward to the next taxable periods. Is the application valid?
Eva received $73,000 in compensation payments from JAZZ Corp. during 2019. Eva incurred $16,000 in business expenses relating to her work for JAZZ Corp. JAZZ did not reimburse Eva for any of these expenses. Eva is single and she deducts a standard deduction of $12,200. Based on these facts answer the following questions: Use Tax Rate Schedule for reference. Assume that Eva is considered to be a self-employed contractor. What is her self-employment tax liability and additional Medicare tax liability for the year?
Ms. Dela filed an unextended 2021 Form 1040 on November 2, 2022, and had no reasonable cause for the delinquency. The return showed a $22,840 balance of tax due. Compute Ms. Dela's late-filing and late-payment penalty. $5,938 $7,994 $4,568 $5,710
In 2020, Susan (who files as single) had silverware worth $10,000 (basis $6,000) stolen from her home due to a federal declared disaster area. Her insurance company told her that her policy did not cover the theft. In 2020, Susan’s other itemized deductions were $2,000, and she had AGI of $40,000. In February 2021, Susan’s insurance company decided that Sarah’s policy did cover the theft of the silverware and they paid Susan $4,000. Determine the tax treatment of the $4,000 received by Susan during 2021. a. None of the $4,000 should be included in gross income. b. $2,000 should be included in gross income. c. $4,000 should be included in gross income. d. Last year’s return should be amended to include the $4,000.
Max, a self-employed taxpayer, did not have all the information he needed to timely file his 2021 tax return by April 18, 2022. Although he requested an automatic extension, he did not include a payment when he filed the extension. He then filed his return ten days later, on April 28, 2022, reporting a $1,150 balance due. Which, statement is correct regarding the failute-to-file and failure-to-pay penalties?
Norman Foster filed his 2020 tax return as was required on June 15, 2021. His Notice of Assessment dated August 28, 2021, indicated that his return was accepted as filed. On March 15, 2022, he receives a Notice of Reassessment dated March 8, 2022 indicating that he owes additional taxes, as well as interest on unpaid amounts. What is the latest date for filing a notice of objection for this reassessment? Explain your answer. For the toolbar, press ALT+F10 (PC) or ALT+FN+F10 (Mac). A v BIUS Paragraph Arial 14px Q E E E E x X2 T Te - 田田田国 Ť (i} 田田田
Juanita is a single and is self-employed. Juanita owed $1,300 in taxes on her 2019 return andexpects her taxes to be the same for 2020. Which of the following statements is correct?Select one:a. Juanita will not be required to pay estimated tax payments for 2020.b. Juanita will not be subject to self-employment tax.c. Juanita should take out a loan to pay her 2020 taxes when she files the return.d. Juanita should make estimated tax payments to avoid an underpayment penalty.
Tim, a self-employed taxpayer, did not have all the information he needed to timely file his 2020 tax return by May 17, 2021. Although he requested an automatic extension, he did not include a payment when he filed the extension. He then filed his return ten days later, on May 27, 2021, reporting a $950 balance due. How much must Max pay in failure-to-file and failure-to-pay penalties? No failure-to-file penalty or failure-to-pay penalty will apply. His failure-to-file penalty is $0, but he has a failure-to-pay penalty of 0.5% of his unpaid tax. His failure-to-file penalty is 5% of his unpaid tax. He also has a failure-to-pay penalty of 0.5%, for an overall total of 5.5%. He has a $435 failure-to-file penalty plus an additional penalty of 0.5%, applied to his unpaid tax.
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%612% ordinary interest. (Use Days in a year table.)a. What is the penalty Lorna must pay? (Round your answer to the nearest cent.) Penalty Pay b. What is the total amount Lorna must pay on February 27? (Round your answer to the nearest cent.) Total Amount
Greg has one employer and expects no changes to his tax situation for next year. He received a large refund after filing his 2019 tax return. He would like to pay less in taxes throughout the year, even if that means a lower refund when he files his 2020 return. Which of the following actions is most likely to help Greg achieve this goal? Complete only Steps 1 and 5 of the 2020 Form W-4, entering personal information and filing status and signing the form. Tax will be computed only on the standard deduction amount and tax rates for Greg's filing status. Complete 2020 Form W-4, Step 4c, and enter a negative amount of tax to be withheld each pay period. Complete 2020 Form W-4, Step 4c, and enter an additional amount of tax to be withheld each pay period. Purchase an education
Jolene filed her tax return by its original due date but did not pay the $2,000 in taxes she owed with the return until one and a half months later. Her late filing and late payment penalty would be?
Cherry Ann filed her 2021 ITR on May 12, 2022. She then received assessment of deficiencyincome tax on October 10, 2023. On October 30, 2023, she filed for protest. She also submittedsupporting documents on December 5, 2023. Unfortunately, she received denial of protest onApril 20, 2024. Until when can she appeal the decision to CTA?