Rita, a calendar-year individual taxpayer, files her 2018 income tax return on October 5, 2020. An extension for filing her income tax return was not obtained. The tax return reflects additional income tax due of $20,000. What is the amount of Rita's penalties for failure to pay and for failure to file?

Q: Mr. B, a resident Filipino, married having 5 dependent children, reported the following income and…

A: Mr. B, a resident Filipino and married having 5 dependent children. For taxable year 2019, 1. Net…

Q: Agnes, a resident taxpayer, has a taxable income of $50,000 for the income tax year ended 30 June…

A: PAYG is pay as you go is amount  of tax deducted by employer  at source. After filing income  tax…

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: Guy who uses the cash method of accounting, lives in a state that imposes an income tax.  During…

A: Guy uses the cash method of accounting, His deduction of 2020 is limited to tax paid in 2019 $ 300…

Q: In 2021, Miranda records net earnings from self-employment of $158,500. She has no other income.…

A: GIVEN DATA   In 2021, Miranda records net earnings from self-employment of $158,500.   She has no…

Q: For each of the following situations, indicate whether the taxpayer(s) is (are) required to file a…

A: Monica received $ 500 as unreported tip and owes Social Security taxes on these tips. Total income…

Q: Norma, who is single and uses the cash method of accounting, lives in a state that imposes an income…

A: Particulars                                                    $ Withheld in 2019…

Q: In the following independent case determine the maximum amount of 2019 personal tax credits,…

A: The amount of tax credit is 15% of the lessee of: $2,000 The total pension income received…

Q: Maryann filed her Income Tax Return for taxable year 2021 on May 2, 2022. After an investigation, it…

A: Income tax return refers to the statement filed with the government that reflects the income,…

Q: During the 2021 financial year, Kate (a resident taxpayer) received wages from her employment…

A: Since the income exceeds $18,200 , the income will be taxable. Employer withholds Pay as you go…

Q: William, a resident, has taxable income for 2020/21 of $60,000. The PAYG amounts withheld by his…

A: Pay as you Go [PAYG] is the amount of tax withheld by the employer from the pay out of the employee…

Q: Anna paid her income tax on June 20, 2019. She filed a claim for refund on May 2, 2020and received…

A: Anna paid her income tax on June 20, 2019 It means she filed her income tax = 20.06.2019 She also…

Q: Brooke, a single taxpayer, works for Company A for all of 2021, earning a salary of $64,000. a.…

A: The question is related to Federal Insurance Contribution Act shared equally by employer amd…

Q: Shelley is a self-employed CPA.  In 2020, she had gross revenue of $255,000 and expenses of $40,000…

A: Self employed individuals are required to pay both the employee and employer portion of social…

Q: Jeremy earned $101,200 in salary and $6,600 in interest income during the year. Jeremy’s employer…

A: AGI deduction=0 Adjusted gross income=107800-0 =107800

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: Greg is single. During 2020, he received $60,000 of salary from his employer. That was his only…

A: Salary: Its a compensation to be paid to employees for contributing their time and providing…

Q: Kathy is 48 years of age and self-employed. During 2019, she reported $100,000 of revenues and…

A: Solution: Maximum amount she can contribute to an individual 401(k) for 2019 = Employee contribution…

Q: Brooke, a single taxpayer, works for Company A for all of 2020, earning a salary of $66,000. Assume…

A: Gross pay: It is the total amount of wages earned by employees without deducting any taxes or…

Q: Linn filed her 2020 Form 1040 on April 4, 2021. What is the date on which the applicable statute of…

A: The statute of limitations is described under law as the maximum time period that available to…

Q: Assuming they all meet the income requirements, which of the following taxpayers qualify for the…

A: The earned-income credit (EIC) is a refundable tax credit that is intended to augment low-income…

Q: In 2021, Sonny earns $47,900 and is unemployed for $10,000. What is Sonny's taxable income if he…

A: As per Income tax act 1961 (endian no any other detail given for other country tax that why)

Q: A taxpayer received a notice from the BIR to file his 2020 income tax return not later than January…

A: Failure to pay tax due according to rules and regulations before the stipulated date attracts the…

Q: Jaclyn Biggs, who files as a head of household, never paid AMT before 2021. In 2021, her regular tax…

A: Taxpayer should pay higher tax amount between AMT and regular Tax. Total Income Tax under AMTI…

Q: In 2019, Simon, age 12, has interest income of $7,980 and no earned income. He has no investment…

A: To Determine – Simon’s net unearned income and Total tax As Simon is only 12 years of age and has…

Q: During the year ended 30 June 2019 Michael, a resident taxpayer, received salary and wages income of…

A: Salary and wages = $26,000 Franked dividend = $9,800 Franking credits = $4,200 PAYG instalments…

Q: is she required to file a tax return

A: Given: Helen, a single taxpayer, earns an interest income of $ 8750.

Q: Assuming Fred itemizes, how much state income tax deduction should he report on his 2019 federal…

A: Payroll:   The total payment that a company is required to pay to its employee for the services…

Q: Victoria's 2019 tax return was due on April 15, 2020, but she did not file it until June 12, 2020.…

A: Penalties are levied on late tax return filings unless an extension is filed by the tax payer. These…

Q: A taxpayer has unutilized or excess Creditable Withholding Taxes (CWT) for the taxable year 2019.…

A: Withhold taxes The term withhold taxes which can be described as portion of amount which can be…

Q: During 2020, Murray, who is 60 years old and unmarried, provided all of the support of his elderly…

A: Correct option is a. head of household and 1 dependent.   Explanation:

Q: If during the year, a taxpayer voluntarily opted to pay VAT even though his sales and receipts are…

A: A taxpayer voluntarily opted to pay VAT even though his sales and receipts are not expected to…

Q: Victoria's 2019 tax return was due on April 15, 2020, but she did not file it until June 12, 2020.…

A: A tax is referred to as a charge on the income earned by the corporation and individuals. The tax is…

Q: In 2019, Miranda records net earnings from self-employment of $146,000. She has no other income.…

A: The profitability of the company can be arrived from the income statement prepared by the management…

Q: Juanita is a single and is self-employed. Juanita owed $1,300 in taxes on her 2019 return and…

A: Answer with explanation are as follows.

Q: Julie, a single taxpayer, has completed her 2019 Schedule C and her net loss is $40,000. Her only…

A: Formulas: Business loss = Wages - Net loss

Q: Susan is a single taxpayer, 26 years of age, with AGI of $28,000 and no tax-exempt income. She did…

A: As per IRS it is mandatory to file 1040 form if the income earned in year 2018 is $12,000 or more…

Q: In February 2021 Jin (a single taxpayer) filed her 2020 federal income tax return, claiming a refund…

A: Tax refund: It implies to a return of tax payment by the HMRC to the taxpayer who has paid in excess…

Q: Jack paid $1,800 in interest for his student loan in 2021. What is the tax treatment of this…

A: Interest paid on an eligible student loan during the year is referred to as student loan interest.…

Q: nnie, age 70 and single, is claimed as a dependent on her daughter's tax return. During 2021, she…

A: Taxable Income = Gross Income - Deductions

Q: A married taxpayer files a separate tax return from his wife and does not participate in an…

A: Modified Adjusted Gross Income (MAGI) can be defined as the AGI added a few adjustments added back…

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: Julie filed a valid extension for her 2020 tax return, giving her until October 15, 2021, to file…

A: Income tax is the tax paid by an individual or an entity on the income earned in a particular year…

Q: Cameron works as a construction worker. During the 2020 financial year, he received the amounts…

A: Assessable income:    As the name suggests, it is the income that can be assessed by the taxpayer…

Q: Christina and Javier, a married couple filing a joint return, received a state income tax refund in…

A: It is the amount of state taxes paid more than taxes to be paid in actual as per the taxable income.…

Q: Jaclyn Biggs, who files as a head of household, never paid AMT before 2021. In 2021, her regular tax…

A: Compute the Jacklyn's total income tax for 2021:- Jacklyn's total income tax is $ 111,110…

Q: William is not married, nor does he have any dependents. He does not itemize deductions. His taxable…

A: “Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: Jane, a resident taxpayer, has a taxable income of $19,500 for the income tax year ended 30 June…

A: Assuming that the question pertains to Australian Income Tax (since Australia follows a July 1 to…

Q: A taxpayer filed his income tax return on June 30, 2019. The deadline for the return was April 15,…

A: Taxable Income:- It is the income on which one pays tax as per rate prescribed by the taxation…