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?

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.

The following information applies to Emily for 2023. Her filing status is single. Salary Interest income from bonds issued by Xerox Alimony payments received (divorce occurred in 2014) Contribution to traditional IRA Gift from parents Short-term capital gain from stock investment Amount lost in football office pool (gambling loss) Age Emily has no gambling winnings this year. Click here to access the Components of the tax formula to use. Indicate whether the following items are taxable or nontaxable to Emily. Salary Gift from parents Alimony payments received Short-term capital gain from stock investment Interest income from bonds issued by Xerox Taxable Not taxable Taxable Taxable Taxable Identify whether the items are deductible (fully or partially) by Emily. Amount lost in football office pool Not deductible Contribution to a traditional IRA Emily's taxable income in 2023 is $ Deductible $85,000 1,100 6,000 6,500 25,000 2,500 500 40

Kana is a single wage earner with no dependents and taxable income of $205,000 in 2018. Her 2017 taxable income was $155,000 and tax liability was $36,382. Calculate Kana’s 2018 income tax liability and the minimum required 2018 annual payment necessary to avoid any penalty. Round your answers to two decimal places. Click here to access the income tax rate schedules. Kana’s 2018 income tax liability: $Kana’s minimum required 2018 annual payment necessary to avoid any penalty: $

In February 2021 Jin (a single taxpayer) filed her 2020 federal income tax return, claiming a refund of $1,200.  Jin received the refund in March 2021.  Which of the following is true in regards to how that refund will be reflected in Jin's 2021 federal income tax return?       Answers:   The refund will excluded from gross income.   The refund will only be included in gross income if Jin used itemized deductions (including the deduction for relevant taxes) in the prior year.   The refund will only be included in gross income if Jin used the standard deduction in the prior year.     The refund will definitely be included in gross income, regardless of the details of Jin's prior year return.

Jolene filed her tax return by its original due date but did not pay the $1,700 in taxes she owed with the return until one and a half months later. Determine the amount of the late filing and late payment penalties that apply.

Kana is a single wage earner with no dependents and taxable income of $168,700 in 2021. Her 2020 taxable income was $155,000 and tax liability was $31,375. Calculate Kana's 2021 income tax liability and the minimum required 2021 annual payment necessary to avoid any penalty. Round your answers to two decimal places.

Derek, a cash basis, unmarried taxpayer, had $610 of state income tax withheld during 2018. Also in 2018, Derek paid $50 that was due when he filed his 2017 state income tax return and made estimated payments of $100 towards his 2018 state income tax liability. When Derek files his 2018 Federal income tax return in April 2019, he elects to take the standard deduction, which reduced his taxable income. As a result of overpaying his 2018 state income tax, Derek receives a refund of $435 early in 2019.How much of the $435 will Derek include in his 2019 gross income?

Enzo's 2020 federal income tax liability is $10,000. Enzo is entitled to a nonrefundable tax credit of $12,000 for 2020. Enzo did not make any prepayments towards his 2020 federal income tax liability, and he did not have any withholdings. What is the amount of tax refund that Enzo will receive when he files his 2020 federal income tax return?

Julie filed a valid extension for her 2020 tax return, giving her until October 15, 2021, to file her return. She filed her return on November 1 and paid $2,000 of tax due. For what period of time will Julie be subject to interest? For what period of time will Julie be subject to the failure-to-file and failure-to-pay penalties?