Disregarding interest, calculate the total penalty that John will be required to pay, assuming the failure to file was not fraudulent (and that he is not subject to failure-to-pay penalties).

Q: Annie's employer withheld $10,488 in federal income tax. After completing her return, Anvie…

A: Federal income tax:- It is the tax amount that an individual owes to the government. It is the tax…

Q: Joan filed her individual income tax return 4% months after it was due. She did not request an…

A: Financial Management: Financial management comprises of two words i.e. Finance and management.…

Q: Nicanor, having a capital of Php 100,000, filed as a non-VAT taxpayer in 2019. The following is a…

A: Taxes are pressured contributions imposed via way of means of a central authority corporation on…

Q: Rita, a calendar-year individual taxpayer, files her 2018 income tax return on October 5, 2020. An…

A: Tax filling means to fill a form in which the income and expenses of the tax payers are filled along…

Q: Craig commits fraud on his tax return. It is found that he was $40,000 deficient in his tax because…

A: Understatement due to willful or reckless conduct 5000 or 75% WHICHEVER IS GREATER Tax penalty is…

Q: Ned Naïve operated several franchise stores for a large company, and, at the home office’s…

A: Reduced tax liability and a tax refund at zero or almost zero are the objectives. If you anticipate…

Q: Customer Y fails to file his tax return until three months after the deadline, and his failure to…

A: Income tax:   Income tax is the tax that an individual is responsible for on their earned income. It…

Q: If Emily earns wages of $26,000 for 2020, calculate the total amount of the FICA tax that must be…

A: Payroll taxes The employer is required to pay a certain percentage to the government on the behalf…

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…

Q: Sherri is a tax accountant. She prepared a large corporate tax return 2 years ago and billed $5,000…

A: A bad debt in a business is a loss which is completely or totally worthless. Business Bad debts are…

Q: For three years, Ron owned a vacation home that had a fair market value of $240,000. On June 1, Ron…

A: When a taxable property is purchased on instalments for the entire purchase amount or a part of it,…

Q: Previously not paying the value-added tax because his sales in any year never exceeded P3,000,000,…

A: Transitional input vat is the input vat credit given to those taxpayers once in a lifetime when the…

Q: Circular 230, Subpart B

A: As per Circular 230, Subpart B, a practitioner must inform IRS any information regarding client.

Q: During the summer of 2019, college student Jason worked for his uncle, a painting contractor, for…

A: Tax is a charge which is charged on the taxable income of a taxpayer. A self-employment tax is…

Q: Calculate Hoang’s taxable income for the 2018/19 tax year.

A: Introduction: Taxable income: Taxable income can be defined as the income on which the tax is…

Q: Mani Pakyaw failed to file and pay his income tax return for the year 2019 which should have been…

A: Since the questions have four subparts, we will be solving only the first three of them. Income tax…

Q: Juan inquired from the BIR whether or not he will be covered with the new tax law. The BIR issued an…

A: Here Mr. Juan already got the administrative ruling which state that activities are not covered by…

Q: Compute the penalty described for the following taxpayers. If an amount is zero, enter "0". If…

A: The penalty is the excess amount that the taxpayer has to pay for the late payment of the tax…

Q: Until the time of the examination of its book, the taxpayer failed to withhold 10% withholding tax…

A: Withholding tax is aliability tobe fullfilled by the…

Q: A tax preparer may be subject to a $540 preparer penalty under IRC 56695(g) Select one: O a. For…

A: The answer for the multiple choice question and relevant explanation are presented hereunder : Dear…

Q: For tax year 2019, the IRS assesses a deficiency against David for $500,000. a.  Disregarding the…

A: IRS Negligence penalty = 20% of the underpaid tax. IRS Civil Fraud penalty = 75% of the understated…

Q: For each of the following situations, indicate the nature and amount of the penalty that could be…

A: Penalty:Penalty refers to the punishment imposed on a person or company for breaking the rule and…

Q: 00 in salary and $6,400 in interest income during the year. Jeremy’s employer withheld $11,000 of…

A: In the given question, Jeremy, who is categorized under the head of household and has one qualifying…

Q: Ray, who is single and 22 years old, was unemployed for a few months during 2020. He earned $6,700…

A: Answer: Option A. $0

Q: For tax year 2019, the IRS assesses a deficiency against David for $500,000. a.  Disregarding the…

A: Penalty attributable to negligence= 20% of amount of deficiency Penalty attributable to civil fraud…

Q: As a senior engineer for a large consulting firm, Ray earned $113,000 last year. Ray is married with…

A: Ray, a senior engineer of a large consulting firm earned last year = $113000 Ray is married with two…

Q: Tim, a self-employed taxpayer, did not have all the information he needed to timely file his 2020…

A: Every citizen is liable to pay taxes on the income earned by him during a particular accounting or…

Q: Jolene filed her tax return by its original due date but did not pay the $2,000 in taxes she owed…

A: Income tax: Income tax is a tax levied on an individual’s income (taxable income). It is a direct…

Q: calculate the total penalties that Joan will be required to pay, assuming the failure to file was…

A: US Tax laws allows their resident to file their returns & pay taxes after 2 months of the due…

Q: Raj is employed as a journalist. His employer pays him an allowance of $200 per week to cover the…

A: The question is based on the concept of Taxation.

Q: Mr. A is in the trading business. On June 2, 20A, he purchased an office equipment with a useful…

A: Tax is paid to the government calculated by the income eared by the company or an individual.

Q: Allen, 32 years old, withdraws $25,000 from his traditional IRA account which he plans to deposit…

A: Taxable income: It is the portion of the income that is subject to tax paid to state authorities…

Q: irst of the year. Adrian would like you to determine whether she should include the $10,000 on her…

A: Cheque Date: December 30, 2018 Cheque Received Dated: January 2, 2019 Issue: Whether to include the…

Q: Virginia Pecson is an MWE working in Quezon City. As such, her employer did not withhold any tax…

A: Income taxes are the federal expense that is calculated on the income earned by the person within a…

Q: Alexi files her tax return 29 days after the due date. Along with the return, she remits a check for…

A: If any individual files after 29 days of the due date so the penalty will be applicable for 1 month,…

Q: , Martin had two employers during the year. Both employers withheld Social Security tax from his…

A: When an employee has social security tax which is more or RRCT tier 1 withheld , they can claim the…

Q: The IRS determined that John underpaid his 2016 tax liability by $6,000 due to negligence. In 2018,…

A: Answer a: There will be no further deduction since he paid the underpayment sum of $1,000. So…

Q: Craig commits fraud on his tax return. It is found that he was $40,000 deficient in his tax because…

A: If there is any deficiency in tax return due to fraud then such 75% of such tax shall be paid as…

Q: How much is the cash paid to the professional?

A: Withholding tax is the amount of tax which has been withhold by the payor on the payment with had…

Q: Calculate the amount of Geoffrey's penalty for failure to file his tax return on time, assuming the…

A: Hi student Since there are multiple questions, we will answer only first question.

Q: Terry worked for two employers during 2018. The amount of wages paid to Terry by both employers…

A: Income tax: Income tax is a tax levied on an individual’s income (taxable income). It is a direct…

Q: ngle taxpayer living in Seattle, Washington, with adjusted gross income for the 2020 tax year of…

A: In the given case, Martin’s adjusted gross income for the year is $59,000. He has paid various…

Q: b.  Joan filed her individual income tax return 3 months after it was due. She did not request an…

A: Taxable income is the measurement of income which is used to calculate the amount of tax that needs…

Q: Joan filed her individual income tax return 4½ months after it was due. She did not request an…

A: SOLUTION- THERE ARE A RULE THAT IF THE RETURN HAS BEEN FILED MORE THAN 60 DAYS AFTER THE DUE DATE ,…

Q: Irwin Schiff is a self-styled “tax rebel” who has made a career, and substantial profit, out of his…

A: Situation:

Q: a.  Wilson filed his individual tax return on the original due date, but failed to pay $270 in taxes…

A: A penalty is a fee levied by the IRS for failing to pay taxes by the yearly deadline or for failing…

Filing Federal Income Tax Return

A tax is the amount of money paid to the government on the revenue earned by the individual or business organization. It acts as an income for the government and an expense for the individual or business organization. There are different regulations regarding filing an income tax return in other countries.