I received a lump sum from disability last year, I filed my taxes and I'm getting hammered on taxes, I just found out that I can assign some of the lump sum to the previous years that it applies to. But I don't know how to do that.
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I received a lump sum from disability last year, I filed my taxes and I'm getting hammered on taxes, I just found out that I can assign some of the lump sum to the previous years that it applies to. But I don't know how to do that.
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- The class is Income Tax Accounting. I can't seem to figure out the solution to the following: Chuck, a single taxpayer, earns $87,500 in taxable income and $2,500 in interest from an investment in City of Heflin bonds. What is his marginal rate if, instead, he had $5,000 of additional deductions? Based on the attached chart, I keep coming up with the incorrect percentage. I want to say that it's because of the 2 different tax rate (22% and 24%)Your friend Edgar has just finished his first yearworking full-time, and comes home beamingwith an envelope from the IRS, which has senthim a check for $650 after he sent in his tax forms.Explain to Edgar why this does not mean that hedidn’t pay taxes.Darius just retired. He is 65 years old and decided to attempt to prepare his 2022 personal income tax return for the first time. He understands that many miss taking the non-refundable tax credits that are due to them. He has read up on them and knows to claim the Age Amount non-refundable tax credit towards his federal taxes. The Age Amount is $7,898 and since the only requirement for this credit is net income and age, it is one of the easier tax deductions for seniors in Canada to claim. Darius' net income is $42,000. What is the non-refundable tax credit for the Age Amount? Hint: In 2022, the age credit is reduced at a rate of 15% when a taxpayer's income exceeds the threshold of $39,826. The non-refundable tax credit is calculated at the rate of 15%. Select one: a. $436 b. $1,504 c. $2,910 d. $1,136 please answer fast i give you upvote.
- I am stuck on a few questions this one is: This year Lloyd, a single taxpayer, estimates that his tax liability will be $10,900. Last year, his total tax liability was $15,600. He estimates that his tax withholding from his employer will be $8,370 How much does Lloyd need to increase his withholding by (for the year), in order to avoid the underpayment penalty? Increase in withholding Assuming Lloyd does not make any additional payments, what is the amount of his underpayment penalty? Assume the federal short-term rate is 5 percent I have been trying to figure this out for days now i need helpYour good friend, Mickey, has a difficult time managing his money and often lives paycheck to paycheck. Uponfinishing his taxes, he was pretty excited because his return showed a tax refund of $2,000. If he had filedelectronically, he would have received his tax refund in full exactly 30 days after he filed the return. Because he wasdesperate for cash, he instead turned to Minnie’s EZ-Cash to get a refund immediately. Minnie charged Mickey $200to advance the tax refund. So, Mickey received $1,800 ($2,000 - $200) immediately and signed an agreement to havehis tax refund deposited into EZ-Cash’s bank account. Assuming a 360-day year, what is the effective annual rate ofinterest that Mickey was charged for the tax-refund advance?Antonio Lopez has come to you for help filing his 2021 tax return. Antonio has never filed his taxes, as this is his first year on his own. He has decided to seek your assistance this year. Antonio is a bartender, and he also operates a poker and gaming club in his basement. This is not a legal gaming operation, but he feels the income is so small ($15,000 this year) that he will not have to claim the income. Furthermore, he does not have any receipts for this income (it is all cash) and therefore, believes he does not have to claim this as income. He also believes that by claiming the income, he may get in trouble for not having the correct permits to operate the club. He has come to you and asks if he is correct, that he does not have to include the receipts from the gaming club as income. a. Determine how much, if any, of George's gaming receipts need to be included in income. b. Write a memo to communicate your results to your supervisor to include (1) authority list, (2)…
- LO.3 During the year (not a leap year), Anna rented her vacation home for 30 days, used it personally for 20 days, and left it vacant for 315 days. She had the following income and expenses: Compute Anna’s net rent income or loss and the amounts she can itemize on her tax return, using the court’s approach to allocating property taxes and interest. How would your answer in part (a) differ using the IRS’s method of allocating property taxes and interest?Peter had $50,000 in student loans that were discharge when he became permanently disable. How should he treat the discharge fon his tax return?I am working on a homework assignment and a question states that a $1500 expense was not previously considered when calculating the businesse's income tax expense. I am supposed to make an adjusting entry for this situation. I am uncertain as to whether or not I increase income tax expense and income tax payable or decrease income tax expense and income tax payable. I am leaning more towards it would increase their taxable income, therefore increasing income tax expense and income tax payable. If this is the case, could you explain in more detail why this is the case?
- This year William provided $4,200 of services to a large client on credit. Unfortunately, this client has recently encountered financial difficulties and has been unable to pay William for the services. Moreover, William does not expect to collect for his services. William has "written off " the account and would like to claim a deduction for tax purposes. (Leave no answers blank. Enter zero if applicable.) a. What amount of deduction for bad debt expense can William claim this year if he uses the accrual method? Deductible amountRebecca has a loan with 1st Town bank for $5,000. She lost her job several months ago and defaulted on the loan. The bank forgave the $5,000 loan. Prior to the debt forgiveness, she owned $10,000 in assets. Her total liabilities before the debt forgiveness were $12,000. How much will Rebecca have to report as taxable debt forgiveness on her tax return? Group of answer choices $0. $2,500. $3,000. $5,000.Ahmed does not have enough cash on hand to pay his taxes. He was excited to hear that he can request an extension to file his tax return. Does this solve his problem? What are the ramifications if he doesn’t pay his tax liability by April 15?
