Nizwa Steels LLC received an assessment order (AO) from the income tax authority on 1st August 2020. As per the AO, the due date of filing of final return was on 31st July 2020 for the tax year 2019 and the tax payable is assessed as RO 150,000. What will be the amount of tax to be paid by the taxpayer assuming that if the payment of tax was made on 31st January 2021? O a. RO 150,500 O b. RO 150,000 O c. RO 150,750 O d. None of the options

Nizwa Steels LLC received an assessment order (AO) from the income tax authority on 1st August 2020. As per the AO, the due date of filing of final return was on 31st July 2020 for the tax year 2019 and the tax payable is assessed as RO 150,000. What will be the amount of tax to be paid by the taxpayer assuming that if the payment of tax was made on 31st January 2021? O a. RO 150,500 O b. RO 150,000 O c. RO 150,750 O d. None of the options

Individual Income Taxes

43rd Edition

ISBN:9780357109731

Author:Hoffman

Publisher:Hoffman

Chapter18: Accounting Periods And Methods

Section: Chapter Questions

Problem 9DQ: LO.2 Osprey Corporation, an accrual basis taxpayer, had taxable income for 2019 and paid 40,000 on...

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LO.2 Osprey Corporation, an accrual basis taxpayer, had taxable income for 2019 and paid 40,000 on its estimated state income tax for the year. During 2019, the company received a 4,000 refund upon filing its 2018 state income tax return. The company filed its 2019 state income tax return in August 2020 and paid the 7,000 state income tax due for 2019. In December 2019, the company received a notice from the state tax commission that an additional 6,000 of income tax was due for 2017 because of an error on the return. The company acknowledged the error in December 2019 and paid the additional 6,000 in tax in February 2020. What is Ospreys 2019 Federal income tax deduction for state income taxes?
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27-Muscat Steels LLC received an assessment order (AO) from income tax authority on 1st August 2020. As per the AO, the due date of filing of final return was on 31st July 2020 for the tax year 2019 and the tax payable is assessed as RO 200,000. What will be the amount of tax to be paid by the taxpayer assuming that if the payment of tax was made on 30th April 2021? O a. RO 201,500 b. RO 202,000 O c. RO 200,500 o d. None of the options
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ments and provides you with the following information: 2018 2019 2020 2021 Annual tax liability $31,000 $32,000 Est $35,000 Est. $37,000 Annual tax withheld $27,000 $30,000 Est $31,000 Advise Michelle as to her instalment payment options for 2021 the minimum payment amount when instalment payments are due how much tax would have to be withheld in 2021 to avoid liability for instalment payments?
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