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

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

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Q: How is penalty pay worked up for problems like these? Lorna Hall’s real estate tax of…

A: a. Calculate the penalty that Lorna must pay. The taxes have to be paid on December 14, 2019 but the…

Q: D6) The 2021 standard deduction is $12,600 and deductions for state and local taxes are limited to…

A: Solution:- Given, Standard deduction of 2021 = $12,600 Deductions for state and local taxes are…

Q: taxable income from 1st january 2021 to 30th June.

A: After deducting all the eligible deductions from the total income earned by the individual, the…

Q: Is this statement correct based on the form 1040 above?

A: A tax form is used by the taxpayer and all the details of the incomes and taxable incomes have to be…

Q: [The following information applies to the questions displayed below.] Clyde is a cash-method…

A: Clyde is taxed on the $1,000 that comes below the constructive receipt doctrine Amount to be…

Q: for tax year 2023, a taxpayer has the following income items: $200,000 wages, sales of primary…

A: The objective of the question is to calculate the adjusted gross income (AGI) for the taxpayer for…

Q: Vinitpaul has the following information: AGI for 2022 Withholding for 2022 Total tax for 2021 Total…

A: Every taxpayer is liable to pay the amount of income tax payable on time. When a taxpayer does not…

Q: Jennie received a 6-month extension (to October 15, 2021) to file her 2020 tax return. Jennie…

A: The failure-to-pay penalty is a penalty imposed by tax authorities when a taxpayer fails to pay the…

Q: On July 1, 2019, John Deere signed a $100,000, one year, 6% note payable. The principal and interest…

A: The accrual basis concept is used to record the revenues and expenses in the income statement. The…

Q: What form is required?Explain why this is the correct form?

A: Taxation states the financial charge or obligation which is imposed through the government or…

Q: Vinitpaul has the following information: AGI for 2022 Withholding for 2022 Total tax for 2021 Total…

A: Income tax penalty: Every taxpayer is liable to pay the payable amount of income tax on time. When…

Q: Steven has an RRSP contribution limit of $17,120 in 2022. In February he contributes $10,000 and…

A: Registered Retirement Savings Plan is also referred to as RRSP is a kind of government-registered…

Q: Please answer with explanation. I will really upvote.

A: INTRODUCTION No - Calc : The final two quarterly installments are based on the tax paid in the year…

Q: Rental income of R70 000 is received in advance. Calculate the tax base for income received in…

A: Rental payment refers to the periodic amount paid by the tenant to the owner of a property for…

Q: The maximum amount a taxpayer may claim for the lifetime leaming credit is:

A: The answer is: (A) $2,000 per return The lifetime learning credit is a tax credit that helps…

Q: 1. A tax payer receives an assessment notice from the BIR informing him that his total deficiency…

A: As per our protocol we provide solutions to one question only but you have asked multiple questions…

Q: 43-Azzan's monthly salary is £2,000. During the month of August 2019, he received a payment of…

A: Taxes are the amount of dues that is being payable to the government by the citizens of the country…

Q: A taxpayer buys a new cash register for $1,300 in January 2021. This is the only asset purcha in…

A: Cash register is an office equipment hence would be classified under 7 year- 200% asset class. Also…

Q: Mario a self-employed baseball coach. During 2020, his net earnings from self- employment were…

A: As a self-employed individual, Mario is responsible for paying both the employee and employer…

Q: Using the Exam Tax Rate chart that is posted in the Assignment for the week of 2/19 tab, what would…

A: Find the tax bracketFind the marginal tax rateThe marginal tax rate is 22%Calculate the amount of…

Q: Net Pay questions using the PDOC (Payroll Deductions Online Calculator) All pay dates are June 17,…

A: Here to discuss about the details of the preparation of net pay using the online calculator of…

Q: Calculate your federal income taxes for the year 2024

A: Federal income tax is a tax imposed by the federal government of the United States on the income of…

Q: On November 1, 2020 Mr. Raul Ferrer a VAT registered taxpayer made the following purchases from VAT…

A: VAT is the value added tax. Vat rate in Philippines is 12%. Input vat of capital goods should be…

Q: K Andy Palermo is a commission salesperson with a base salary of $98,000. In 2023, he earns…

A: To calculate K Andy Palermo's maximum deduction for expenses in determining his 2,023 employment…

Q: Sophie is a single taxpayer. For the first payroll period in July 2022, she is paid wages of $1,100…

A: Gross wages semi annually = $1,100Pay allowance semi annually = $179To calculate Adjusted…

Q: During 2022, Ash had the following cash receipts: Wages Interest income from U.S. Treasury bonds…

A: Gross income is comprised of your salary, dividends, capital gains, business revenue, retirement…

Q: Case Study 2 Identify the relevant elements of Australian tax law in the following scenarios and…

A: To calculate James' total taxable income for the 2021/22 financial year and determine the tax…

Q: Taxpayer enjoyed its last year of its income tax holiday in 2020. For that year, it reported however…

A: The net operating loss (NOL) is incurred in business when the total deductible expenses are more…

Q: A taxpayer is contributing to an RRSP for the 2021 tax year. The taxpayer's earned income in 2020…

A: GIVEN A taxpayer is contributing to an RRSP for the 2021 tax year. The taxpayer's earned income in…

Q: Your adjusted gross income (line 11 of the form 1040) is $150,000. Your filing status is Single.…

A: 10%Up to $9,87512%$9,876 to $40,12522%$40,126 to $85,52524%$85,526 to $163,300

Q: 30. On July 1, 2021, Mr. Lancelot borrowed P10,000 at 6% interest from ABC Loan Company, Inc. for…

A: The revenues and expense are reported on the income statement when they are earned and incurred,…

Q: x withheld $27,000 $30,000 Est $31,000 Advise Michelle as to her instalment payment options for 2021…

A: The tax is given as,

Q: An investor earns $138639 in the 2021/22 tax year. She purchases shares worth $4251 on 15 April 2021…

A: Income tax payable is tax liability which is paid to the government on the income of individual, A…

Q: An increase in the provision of bad debts will.. ..... ..... .. O A. decrease operating expenses O…

A: Provision for doubtful debts is considered as contra asset account that decreases the value of the…

Q: Determine the effects of the following on a cash basis taxpayer's gross income for 2022 and 2023. If…

A: Gross Income is the money earned before taxes and the other deductions are deducted. Earned income…

Q: Lawyer is a cash basis taxpayer. Lawyer transmits via the USPS a bill for $5,000 on December 24,…

A: The question has asked in which year the income will be recognized for tax purposes. For tax…

Q: Herschel needed form 8863 Education Credits is shown below,Assuming they

A: The American Opportunity Tax Credit is the tax credit for education expenses paid for first…

Q: rs. Emily Robinson just celebrated her 72nd birthday on October 1, 2022. Her qualified plan had a…

A: There is need to withdraw the minimum distribution otherwise you have to pay the penalty and penalty…

Q: A taxpayer providing services provided the following: Description Payment of expenses current period…

A: Accrual basis of accounting says that all expenses incurred in that particular period should be…

Q: 27. Mr. Gusion filed his 2019 income tax return and paid the tax shown thereon in the amount of…

A: Income tax: Tax collected by the central government of the country on the income generated by the…

Q: Determine the amount of the late filing and late payment penalties that apply for the following…

A: There are consequences on either the late filing of returns or late payment as there is a deadline…

Q: In 2023, Bianca earned a salary of $164,000 from her employer. If required, round your answers to…

A: Payroll taxes refer to those taxes paid by both employer and employee in order to fund the employee…

Question

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?

P10,000

P8,000

P20,000

add explanation thankssss

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

Dog
Please help me to solve this problem
Which one of the following amounts represents the maximum amount that you may deduct for moving expenses on your 2020 personal income tax return? A) $ 8,800. B) $ 9,700. C) $10,200. D) $11,250.
Susan Cain is employed at Quiet Inc. and is paid a monthly salary of ₱70,000. How much is her net pay after deducting all the mandatory deductions? (Provide solution/ explanation) a. ₱55,764.50 b. ₱56,577.27 c. ₱56,679.27 d. ₱56,836.77
A1
D4
6. An employee, who had been with the company for 6 years, passed away on August 31, 2021. She had been earning a monthly salary of $5,900 and had regular CPP and El deductions taken off this salary on every cheque up to and including her August 31 payment. Calculate: a) Her maximum CPP contribution for the year. b) How much should be refunded to her estate, if any? cpp rate 5.45% cpp annual basic exemption $3,500 maximum insurable earnings $56,300 premium rate 1.58% Maximum annual employee premium $889.54
Taxpayer started a calendar-year business on 1 August 2020. On that date, Taxpayer paid $9,600 in rent for the period 1 August 2020 through 31 July 2021. Determine the maximum amount that Taxpayer may deduct in 2020 under both the cash and accrual methods of accounting.
Case Study 2 Identify the relevant elements of Australian tax law in the following scenarios and calculate the total tax payable (including Medicare Levy and any other tax offsets) by James for the 2021/22 financial year. Show your workings. On 1 July 2021, James sold some jewellery for $5,000 which he bought on 1 April 2019 for S 2,780. On 1 August 2021, James sold his camera for $22,000 which he bought on 15 June 2019 for $23, 000. On 5 October 2021, James sold a painting for $950 which he bought on 4 April 2013 for S480. On 8 November 2021, James sold some listed shares for S49, 500 which he bought on 30 January 2021 for $42, 400 (net costs). On 30 June 2022, James receives interest income of $24,000.
1. soru At the end of 2019, The Business with 20% Corporate tax rate has Expenses: TL3.150.000 and Revenues: TL3.375.000. How much is the Tax Payable if the business prepaid income tax of TL15.000 during the accounting period? a.TL30.000 b.TL15.000 c.TL45.000 d.TL60.000
Q2 Susan, a self-employed solicitor, has the following taxable income and allowable outgoings for 2020: € Schedule D Case II income before capital allowances 180,000 Schedule D Case II capital allowances 25,600 Schedule D Case IV deposit interest gross 3,150 Schedule D Case V rental income (net of expenses) 12,000 Qualifying retirement annuity premiums paid 23,900 Susan is 31 years old and does not have a medical card. What is Susan's universal social charge (USC) liability for 2020? A. €9,531 B. €12,507 C. €9,878 D. €12,160
Lousie income from salary is $ 150000 in the year 2018 - 2019. Short term capital gains is $ 320000 Exemption amount cannot exceed $ 190000 Tax rate @ 15 % show taxable income , Tax liability. All workings are mandatory.