A California taxpayer takes an early distribution from their 401(k) of $1,000. What is the penalty? a. $0.00 b. $25.00 c. $60.00 d. $100.00
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- A taxpayer filed his income tax return in October 28, 2018. The deadline for the return was April 15, 2022. If he has P40,000 net tax due, compute the penalties in the form of interest. What is the total surcharge penalty? P0 P10,000 P8,000 P20,000 add explanation thanksssssehold. The maximum amount a taxpayer may claim for the lifetime leaming credit is: $2,000 per return. $2,000 per qualifying student. $2,500 per return. $2,500 per qualifying student. OMark for follow upUntil the time of the examination of its book, the taxpayer failed to withhold 10% withholding tax amounting to 10,000 from the payments of professional fees to vat-registered consultant.
- 20.A taxpayer certificate of deposit that was set to mature the end of next year is needed for a down payment on their residence the taxpayer decided to cash out the certificate of deposit now is the following scenario accurate. A. The taxpayer must report their total amount of interest and can deduct the penalty on their tax return. B. The total interest income of $1,600 and a taxpayer early withdrawal penalty is $300 the taxpayer net the two amount together and report $1300 interest on a schedule B. C. Both the total interest amount in the early withdrawal penalties are reported to the taxpayer on form 1099-INT.11.A taxpayer is claiming tax preparation expense as a legal and professional fee. They paid $430 at your office last year. The forms breakdown by cost is as follows: Form 1040- $100 Form Sch. C- $125 Form SE- $55 Form 8867- $75 Form 8863- $75 What is the correct amount that can be deducted on their Schedule C for the current year? Choose one answer. a. $280 b. $180 c. $355 d. $430During 2019, Carl (a single taxpayer) has a salary of $91,500 and interest income of $11,000. Calculate the maximum contribution Carl is allowed for an educational savings account. $0 $400 $1,000 $2,000 Some other amount
- The taxpayer performs services with payment due from the customer within 30 days. All customers pay within the time limit. What would be the benefit to the taxpayer using the cash method of accounting rather than the accrual method?50. A taxpayer can claim their daughter who is a first year college student on their tax return is this in this expense that the taxpayer can claim as part of the American opportunity tax credit. A meal plan fees B. fees for dorm room C. books required for the coursework D. tuitionPlease urgently
- Please I urgently no plagiarism1. The Request for Taxpayer Identification Number and Certification is also known as Form _____. Answer: A. W-9 B. W-4 C. W-2 D. I-9 2. When the 4th quarter FUTA tax is NOT at least _____, the payment may be mailed at year-end with Form 940. Answer: A. $100 B. $500 C. $1,000 D. $5,000 3. The full self-employment tax rate applied to the first $142,800 of earnings is _____. Answer: A. 2.9% B. 6.2% C. 12.4% D. 15.3%1. A college-age taxpayer files their own return in TY2019 to reclaim withholdings. They are claimed as a dependent on their parents' TY2019 return, but will not be claimed on the future TY2020 return. What amount of "stimulus" will they receive and when will they receive it? Assume no dependents, single, and under $75,000 in AGI. a. $500 payment in calendar year 2020. b. $1,200 payment in calendar year 2020. c. $500 in credit on the future TY2020 return. d. $1,200 in credit on the TY2020 return.
