Rita, a calendar-year individual taxpayer, files her 2018 income tax return on October 5, 2020. An extension for filing her income tax return was not obtained. The tax return reflects additional income tax due of $20,000. What is the amount of Rita's penalties for failure to pay and for failure to file?

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Q: Agnes, a resident taxpayer, has a taxable income of $50,000 for the income tax year ended 30 June…

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A: Introduction A user should make out and file an Income Tax Returns to the Indian Tax Authority. It…

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A: Adjusted Gross Income: In accounting, adjusted gross income (AGI) is defined as gross income less…

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…

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Q: What amount would be subject to the penalty for the underpayment of estimated taxes?

A: Tax liability is determined based on applicable tax rates and taxable income. There are different…

Q: In 2021, Sheryl is claimed as a dependent on her parents' tax return. Her parents report taxable…

A: In this case 7000 $ is an unearned income,and it exceeded 2200 limit.

Q: Whitney received $75,000 of taxable income in 2020. All of the income was salary from her employer.…

A: Hi student Since there are multiple subparts, we will answer only first three subparts.

Q: John filed his 2021 income tax return on December 20, 2022, paying the $10,000 amount due at that…

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A: SOLUTION- DEDUCTION- IT IS THE INVESTMENT/EXPENDITURE THAT HELPS IN REDUCING THE TAX PAYABLE.

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A: Particulars                                                    $ Withheld in 2019…

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A: Anna paid her income tax on June 20, 2019 It means she filed her income tax = 20.06.2019 She also…

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A: Withholding Taxes - The payer of the income withholds tax, which is a type of tax. Retention tax is…

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

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Q: Ms. Schmidt didn't request an extension of time to file a 2021 income tax return and didn't mail the…

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Q: Rita files her income tax return 120 days after the due date of the return without obtaining an…

A: When Rita files her income tax return 120 days after the due date without obtaining an extension…

Q: Dora Burch files her 2020 income tax return on March 2, 2021. She receives a nil assessment on June…

A: As given Dora Burch prepares her tax return for the year 2020 on March 2, 2021. On June 3, 2021, she…

Q: Ms. Schmidt didn't request an extension of time to file a 2021 income tax return and didn't mail the…

A: Introduction A user should make out and file an Income Tax Returns to the Indian Tax Authority. It…

Q: Brooke, a single taxpayer, works for Company A for all of 2020, earning a salary of $66,000. Assume…

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A: A federal income tax liability is the liability upon the person which is the tax liability based on…

Q: A tavn aver has un utilized or excess Creditablc

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Q: a calendar year taxpayer, tion

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Q: Andrea's 2020 return was audited by the IRS. Andrea failed to report taxable interest income on her…

A: All of us have to file our tax returns as per the rules and regulations of IRS. In case of failure…

Q: is she required to file a tax return

A: Given: Helen, a single taxpayer, earns an interest income of $ 8750.

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A: Penalty for Late filing of return is not levied if you have been given extension for filing return…

Q: Assuming Fred itemizes, how much state income tax deduction should he report on his 2019 federal…

A: Payroll:   The total payment that a company is required to pay to its employee for the services…

Q: A taxpayer has unutilized or excess Creditable Withholding Taxes (CWT) for the taxable year 2019.…

A: Withhold taxes The term withhold taxes which can be described as portion of amount which can be…

Q: Mark has two jobs during 2018. One employer withheld and paid FICA taxes on $80,200 of Mark's salary…

A: Social security tax rate for employees for the year 2018 =6.2%Wage limit = 128400Mark wage…