Victoria's 2021 tax return was due on April 15, 2022. but she did not file it until June 12, 2022. Victoria did not file an extension. The tax due on the tax return when filed was $9,700. In 2021, Victoria paid in $15,600 through withholding. Her 2020 tax liability was $13,900. Victoria's AGI for 2021 is less than $150,000O. How much penalty will Victoria have to pay (disregard interest)? Penalty to be paid 970

Griffin is a server at a la Jolla restaurant. Griffin received 1200 in unreported tips during 2022 and owes social security and Medicare tax on these tips. His total income for the year including tips is 3400. Is Griffin required to file an income tax return for 2021?

Arabella Cunningham is 24 years old and single, lives in an apartment, and has no dependents. Last year she earned $55,000 as a sales representative forPlanning Associates; $3,910 of her wages was withheld for federal income taxes. In addition, she had interest income of $142. She takes the standard deduction. Calculate her taxable income, tax liability, and tax refund or taxowed for 2018.

Eva received $60,000 in compensation payments from JAZZ Corp. during 2020. Eva incurred $5,000 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 $12,400. Based on these facts, answer the following questions:  Use Tax Rate Schedule for reference. (Leave no answer blank. Enter zero if applicable.)   a. Assume that Eva is considered to be an employee. What amount of FICA taxes is she required to pay for the year?

Compute NOPAT The income statement for TJX Companies follows. THE TJX COMPANIES, INC. Consolidated Statements of Income Fiscal Year Ended ($ thousands) February 2, 2019 Net sales $38,973,337 Cost of sales, including buying and occupancy costs 27,831,580 Selling, general and administrative expenses 6,923,967 Pension settlement charge 36,525 Interest expense, net 9,263 Income before provision for income taxes 4,172,002 Provision for income taxes 1,113,816 Net income $3,058,186   Assume that the combined federal and state statutory tax rate is 22%. a. Compute NOPAT using the formula: NOPAT = Net income + NNE.   Net income NNE NOPAT   Answer Answer     b. Compute NOPAT using the formula: NOPAT = NOPBT − Tax on operating profit.   NOPBT Tax on operating profit NOPAT   Answer Answer

Kana is a single wage earner with no dependents and taxable income of $168,700 in 2020. Her 2019 taxable income was $155,000 and tax liability was $31,375. Calculate Kana's 2020 income tax liability and the minimum required 2020 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 2020 income tax liability: Kana's minimum required 2020 annual payment necessary to avoid any penalty:

Susan files her tax return as a single person. In 2023, She had $55,850 of total income and used the standard deduction to reduce her taxable income to $42,000. Using the attached 2023 Tax Brackets calculate (1) the Federal Income Tax she will owe and (2) her Average Tax Rate. You need to use the 2023 Tax Brackets which can be found in Lecture 8, slide 9 A. Her Federal Tax is $12,287 and her Average Tax Rate is 22% B. Her Federal Tax is $4,820 and her Average Tax Rate is 12% C. Her Federal Tax is $4,820 and her Average Tax Rate is 9% D. Her Federal Tax is $5,040 and her Average Tax Rate is 12%

In 2023, Jack, age 12, has interest income of $6,540 on funds he inherited from his aunt and no earned income. He has no investment expenses. Christian and Danielle (his parents) have taxable income of $88,150 and file a joint return. Assume that no parental election is made. Click here to access the 2023 tax rate schedule. If required, round the tax computations to the nearest dollar. Jack's net unearned income is Jack's allocable parental tax is Jack's total tax is 2,200 X 264 X. 264 X.

In 2023, Sheryl is claimed as a dependent on her parents' tax return. Her parents report taxable income of $600,000 (married filing jointly). Sheryl did not provide more than half her own support. What is Sheryl's tax liability for the year in each of the following alternative circumstances? Use Tax Rate Schedule, Dividends and Capital Gains Tax Rates for reference. Note: Leave no answer blank. Enter zero if applicable. Problem 8-51 Part c (Static) c. She received $7,000 of interest income from corporate bonds she received several years ago. This is her only source of income. She is 20 years old at year-end and is a full-time student. Tax liability

Jill files a joint tax return with her husband. She who works at a retail store and earned $30,000 in 2021. Jill’s husband was unemployed in 2021 and did not have any earnings. Jill contributed $1,000 to her IRA in 2021. After deducting her IRA contribution, the adjusted gross income shown on her joint return is $29,000. Jill may claim what amount for the Retirement Savings Contributions Credit (Saver’s Credit) for her $1,000 IRA contribution? A. $0B. B $200C. C $500D. D $1,000