Lorna Hall’s real estate tax of $2,010.88 was due on December 14, 2017. Lorna lost her job and could not pay her tax bill until February 27, 2018. The penalty for late payment is 6 1/2% 6 1/2% ordinary interest. (Use Days in a year table.) a. What is the penalty Lorna must pay? (Round your answer to the nearest cent.) b. What is the total amount Lorna must pay on February 27? (Round your answer to the nearest cent.)

Lorna Hall’s real estate tax of $2,010.88 was due on December 14, 2017. Lorna lost her job and could not pay her tax bill until February 27, 2018. The penalty for late payment is 6 1/2% 6 1/2% ordinary interest. (Use Days in a year table.) a. What is the penalty Lorna must pay? (Round your answer to the nearest cent.) b. What is the total amount Lorna must pay on February 27? (Round your answer to the nearest cent.)

CONCEPTS IN FED.TAX.,2020-W/ACCESS

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter3: Income Sources

Section: Chapter Questions

Problem 58P

See similar textbooks

Similar questions

Darrell is an employee of Whitneys. During the current year, Darrells salary is 136,000. Whitneys net self-employment income is also 136,000. Calculate the Social Security and self-employment taxes paid by Darrell and Whitney. Write a letter to Whitney in which you state how much she will have to pay in Social Security and self-employment taxes and why she owes those amounts.
Joy incurs the following expenses in her business. When can she deduct the expenses if she uses the accrual method of accounting? the cash method? a. Joy rents an office building for 750 a month. Because of a cash flow problem, she is unable to pay the rent for November and December 2019. On January 5, 2019, Joy pays the 2,250 rent due for November, December, and January. b. Joy borrows 60,000 on a 1-year note on October 1, 2019. To get the loan, she has to prepay 6,200 in interest. c. Joy owes employees accrued wages totaling 20,000 as of December 31, 2019. The accrued wages are paid in the regular payroll on January 5, 2020. d. Joy purchases 2,400 worth of supplies from a local vendor. The supplies are delivered on January 29, 2019. They are fully used up on December 30, 2019. Because of unusual circumstances, a bill for the supplies arrives from the vendor on January 10, 2020, and is promptly paid. e. While at a trade convention, Joy purchases some pens and paperweights to send out as holiday gifts to her clients. She charges the 700 cost to her credit card in December 2019. She pays the credit card bill in January 2020.
Lorna Hall’s real estate tax of $2,010.88 was due on December 14, 2019. Lorna lost her job and could not pay her tax bill until February 27, 2020. The penalty for late payment is 612%612% ordinary interest. (Use Days in a year table.)a. What is the penalty Lorna must pay? (Round your answer to the nearest cent.) Penalty Pay b. What is the total amount Lorna must pay on February 27? (Round your answer to the nearest cent.) Total Amount
How is penalty pay worked up for problems like these? Lorna Hall’s real estate tax of $2,010.88 was due on December 14, 2019. Lorna lost her job and could not pay her tax bill until February 27, 2020. The penalty for late payment is 612% ordinary interest. (Use Days in a year table.)a. What is the penalty Lorna must pay? (Round your answer to the nearest cent.) b. What is the total amount Lorna must pay on February 27? (Round your answer to the nearest cent.)
Lorna Hall’s real estate tax of $2,010.88 was due on December 14, 2019. Lorna lost her job and could not pay her tax bill until February 27, 2020. The penalty for late payment is 6 1/2% ordinary interest. What is her fee? I am not coming up with the right answer
Lorna Hall's real estate tax of $2,010.88 was due on December 14, 2022. Lorna lost her job and could not pay her tax bill until February 27, 2023. The penalty for late payment is 6 1/2% ordinary interest.
Compute the penalty described for the following taxpayers. If an amount is zero, enter "0". If required, round your answers to two decimal places. a. Wilson filed his individual tax return on the original due date but failed to pay $630 in taxes that were due with the return. If Wilson pays the taxes exactly 3 months late, calculate the amount of his failure-to-pay penalty.$ b. Joan filed her individual income tax return 5 months after it was due. She did not request an extension of time for filing. Along with her return, Joan remitted a check for $275, which was the balance of the taxes she owed with her return. Disregarding interest, calculate the total penalties that Joan will be required to pay, assuming the failure to file was not fraudulent.$ c. Jack filed his tax return 4 months and 6 days late and did not request an extension of time for filing. Jack's return indicated that he is to receive a $9,695 refund in taxes. Calculate the amount of Jack's…
Compute the penalty described for the following taxpayers. If an amount is zero, enter "0". If required, round your answers to two decimal places. Question Content Area a. Wilson filed his individual tax return on the original due date, but failed to pay $2,310 in taxes that were due with the return. If Wilson pays the taxes exactly 3 months late (not over 60 days), calculate the amount of his failure-to-pay penalty.$fill in the blank b. Joan filed her individual income tax return 5 months after it was due. She did not request an extension of time for filing. Along with her return, Joan remitted a check for $725, which was the balance of the taxes she owed with her return. Disregarding interest, calculate the total penalties that Joan will be required to pay, assuming the failure to file was not fraudulent.$fill in the blank
7. Max McCall's real property tax of $2,010.88 was due on Dec 14. Max could not pay until March 9" of the following year. The late penalty is 5% annually. a. What is the penalty amount? b. What is the total amount of the tax bill he must pay?
Sally hires a maid to work in her home for $1,030 per month. The maid is 25 years old and not related to Sally. During 2018, the maid worked 5 months for Sally. Do not round immediate computations and round your final answers to two decimal places. a. What is the amount of Social Security tax Sally must pay as the maid's employer?$ b. What is the amount of Medicare tax Sally must pay as the maid's employer? Sally's employer's Medicare tax: $ c. What is the amount of Social Security and Medicare tax which must be withheld from the maid's wages? Sally should withhold for Social Security and Medicare tax of: $
Compute the penalty described for the following taxpayers. If an amount is zero, enter "0". If required, round your answers to two decimal places. a. Wilson filed his individual tax return on the original due date, but failed to pay $16,220 in taxes that were due with the return. If Wilson pays the taxes exactly 9 months late, calculate the amount of his failure-to-pay penalty.
Jacob Turner hired Jen Hatcher as a housekeeper starting on January 2 at $831 monthly. Jacob does not withhold any federal taxes. Assume that Jen is not a housekeeper for anyone else. Assume that Jacob paid $2,493 in wages for the fourth quarter of 2020. Required: How much in social security tax should Jacob pay? (Round your final answer to 2 decimal places.) How much Medicare tax should Jacob pay? (Round your final answer to 2 decimal places.) How much FUTA tax should Jacob pay?