Clyde is a cash-method taxpayer who reports on a calendar-year basis. This year Paylate Corporation has decided to pay Clyde a year-end bonus of $1,450. Determine the amount Clyde should include in his gross income this year under the following circumstances. (Leave no answer blank. Enter zero if
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Clyde is a cash-method taxpayer who reports on a calendar-year basis. This year Paylate Corporation has decided to pay Clyde a year-end bonus of $1,450.
Determine the amount Clyde should include in his gross income this year under the following circumstances. (Leave no answer blank. Enter zero if applicable.)
Problem 5-53 Part-a (Algo)
a. Paylate Corporation wrote the check and put it in Clyde’s office mail slot on December 30 of this year, but Clyde did not bother to stop by the office to pick it up until after year-end.
Amount to be included in gross income - _______
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- Clyde is a cash-method taxpayer who reports on a calendar-year basis. This year Paylate Corporation has decided to pay Clyde a year-end bonus of $1,450.Determine the amount Clyde should include in his gross income this year under the following circumstances. (Leave no answer blank. Enter zero if applicable.) Problem 5-53 Part-d (Algo) d. Clyde picked up the check in December, but the check could not be cashed immediately because it was postdated January 10. Amount to be included in gross income - ________! Required information [The following information applies to the questions displayed below.] Clyde is a cash-method taxpayer who reports on a calendar-year basis. This year Paylate Corporation has decided to pay Clyde a year-end bonus of $1,000. Determine the amount Clyde should include in his gross income this year under the following circumstances. (Leave no answer blank. Enter zero if applicable.) d. Clyde picked up the check in December, but the check could not be cashed immediately because it was postdated January 10. Amount to be included in gross incomeMolly Ellen, bookkeeper for Keystone Company, forgot to send in the payroll taxes due on April 15. She sent the payment November 8. The IRS sent her a penalty charge of 10.00% simple interest on the unpaid taxes of $4,800. Calculate the penalty. (Remember that the government uses exact interest.) (Use Days in a year table.) (Do not round intermediate calculations. Round your answer to the nearest cent.) Penalty %24 hp
- Molly Ellen, bookkeeper for Keystone Company, forgot to send in the payroll taxes due on April 15. She sent the payment November 8. The IRS sent her a penalty charge of 8% simple interest on the unpaid taxes of $4,100. Due date: 15-April Payment sent on: 8-November Penalty charge of simple interest: 8% Unpaid taxes amount: $ 4,100.00 Required: Please use the above information to answer the following How many days late was Molly Ellen in sending payroll taxes? Calculate the penalty. Note: Remember that the government uses exact interest.Larry purchased an annuity from an insurance company that promises to pay him $6,500 per month for the rest of his life. Larry paid $626,340 for the annuity. Larry is in good health and is 72 years old. Larry received the first annuity payment of $6,500 this month. Use the expected number of payments in Exhibit 5-1 for this problem. Problem 5-59 Part-c (Algo) c. What are the tax consequences if Larry dies just after he receives the 100th payment?Keyshawn Brown prepared and signed last year's tax return on April 3 but forgot to mail the return until the morning of April 20. Keyshawn enclosed a check for the $3,612 balance of tax due with the return. Required: Compute the late-filing and late-payment penalty. Note: Round your answer to the nearest whole dollar amount. Late-filing and late-payment penalty
- Lou incurred the following business expenses during the year: Penalty for breach of business contract $3,200 State sales tax penalty for late remittance $2,500 Rent expense $6,000 Office supplies $450 Early withdrawal penalty on investment account at a savings and loan $185 What are Lou’s allowable current-year deductions? A. $6,635 B. $9,835 C. $12,150 D. $12,335Hannah received an invoice in the mail from Carpet Country for $4235. The invoice was dated March 22 and had term 3/15, 2/20 , n/60. If she made payment of $1000 on each of April 2, April 9, and April 22, how much does Hannah still owe?Suppose you are in a hurry to get your income tax refund. If you mail your tax return, you will receive your refund in 3 weeks. If you file the return electronically through a tax service, you can get the estimated refund tomorrow. The service subtracts a $50 fee and pays you the remaining expected refund. The actual refund is then mailed to the preparation service. Assume you expect to get a refund of $978. What is the APR (annual percentage rate) with weekly compounding? What is the EAR (effective annual percentage rate)? How large does the refund have to be for the APR to be 15%? .A bond with a 7% annual coupon and 10 years to maturity has YTM=9 %p.a. What is the bond price today, if its par (face) value is $1,000? . A bank agrees to lend you $3,000 today in return for your promise to pay back $5,287 5 years from today. What rate of interest is the bank charging you?
- Problem #4 Youngston Company (a Massachusetts employer) wants to give a holiday bonus check of $750 to each employee. Since it wants the check amount to be $750, it will need to gross-up the amount of the bonus. Calculate the withholding taxes and the gross amount of the bonus to be made to Genna Fredrich if her earnings for the year are $55,920. Besides being subject to social security taxes and federal income tax (supplemental rate), a 5.05% Massachusetts income tax must be withheld on supplemental payments $ Problem #5 Samantha Montgomery (age 42) is employed by Canon Company and is paid a salary of $62,430. She has just decided to join the company's Simple Retirement Account (IRA form) and has a few questions. Answer the following for Montgomery: a. What is the maximum that she can contribute into this retirement fund? $ b. What would be the company's contribution? $ c. What would be her weekly take-home pay with the retirement contribution deducted (married filing jointly,…Yolanda is a cash basis taxpayer with the following transactions during the year: Cash received from sale of products $70,000 Cash paid for expenses (except rent and interest) 40,000 Rent prepaid on a leased building for 18 months beginning December 1 48,600 Prepaid interest on a bank loan, paid on December 31 for the next 3 months 5,000 Calculate Yolanda's income from her business for this calendar year. If an amount is zero, enter "0". If required, in your computations round any division to five decimal places and round final answers to the nearest dollar. Sales income Expenses: Other than rent and interest Rent Interest Net income please answer do not image formatMelissa and Parker each deposit the money they earn at their summer jobs in bank accounts that pay different interest deposits $520, and Parker initially deposits $550. The table shows the amounts they have in each of their accounts for th Time (quarters of a year) 1 2 3 4 Melissa's Total ($) 520.00 527.80 535.72 543.75 Parker's Total ($) 550.00 555.50 561.06 566.67 What is the total in the 8th quarter for each person? Round your answer to the nearest cent. Melissa's Total: $ type your answer... type your answer... Complete the sentence below for the money in the 12th quarter. Rounded to the nearest cent, in quarter 12, Melissa's total with be $ type your answer... , and Parker's total will be $ type your answer... So, Melissa will have choose your answer... money than Parker. choose your answer... less more .Parker's Total: $ Complete the sentence below for the money they will have earned after 16 quarters,. Rounded to the nearest cent, after 16 quarters, Melissa will have earned $…