A taxpayer filed his income tax return in October 28, 2022. 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

A taxpayer filed his income tax return in October 28, 2022. 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

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: a. If you are in the 32 percent tax bracket, how much will you save in taxes for the current year?…

A: A charitable donation is a freely given gift of cash, products, or services to a nonprofit…

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: E3-15. A taxpayer is about to receive a $1,000 bonus from her employer. She would like to put this…

A: Taxpayers get deductions for putting money in the account for retirement. There are two types of…

Q: A VAT-registered business taxpayer had no inventories at the beginning and end of the quarter.…

A: Here discuss about the details of registered VAT and non registered VAT difference in the payment of…

Q: Paul has the following information: $ 155,000 $ 27,600 $ 31,400 $ 31,447 AGI for 2020 Withholding…

A: A. How much must Paul pay in estimated taxes to avoid a penalty? ESTIMATED TAXES TO AVOID A…

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: Steve's tentative minimum tax (TMT) for 2020 is $245,800. (Leave no answer blank. Enter zero if…

A: Given, Steve's tentative minimum tax (TMT) for 2020 is $245,800.

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: 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: Use the following information for the next two questions: Shirley is a sales clerk in a certain…

A: Income is taxed on the income earned .Using income tax slab , Income is charged on the income tax…

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: Mike just celebrated his 80h birthday last week (September 2021). His 401(k) account balance on his…

A: Required Minimum Distribution (RMD) It the person who involves any kind of retirement plan it allows…

Q: 16. We must make remittances to Canada Revenue Agency (CRA) on a regular basis. What taxes are…

A: Statutory deductions are determined by law neither the employer nor the employees are decided on…

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: K Ltd. paid an employee a tax-free travel allowance of $5,300 based on 9,000 kilometres of…

A: Tax-free allowance deduction refers to certain expenses or allowances that are excluded from an…

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: Please calculate the 2022 tax liability for a single taxpayer who is 40 years old with $222,950 of…

A: As per IRS rule 2022 tax brackets we will calculate the tax payable by the taxpayer by…

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: A 72-year-old customer asks his registered representative (RR) to begin required minimum…

A: A qualified annuity is the annuity which is made by the taxpayer for the purpose to get the income…

Q: Steve's tentative minimum tax (TMT) for 2022 is $245,800. Note: Leave no answer blank. Enter zero if…

A: The Alternative Minimum Tax (AMT) is a parallel tax system in the United States that operates…

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: John Boy's expected pre-tax bonus is $12,000. He earns a base salary of $52,000 and files as a…

A: After Tax Cash Flow (ATCF): It refers to the ability of any individual or business to generate funds…

Q: Mr. So filed his 2022 income tax return on June 30, 2023. The BIR discovered a deficiency income tax…

A: Income tax return is the return of income which have to filled with in the due date decided by…

Q: Which one of the following amounts represents the maximum amount that you may deduct for moving…

A: Moving expenses: These are the expenses associated related to your moving your household’s goods and…

Q: Assume for tax year 2022, your adjusted gross income is equal to $110,000. You will file your…

A: Adjusted gross income is after deduction of certain adjustments Taxable income = AGI - standard…

Q: as $93,000 a adjustment or years. If th an they contr

A: GIVEN taxpayer's earned income $93,000 pension adjustment $7,000

Q: ate: a. the marginal tax rate b. the average tax rate c. the effective tax rate.…

A: Gross income is nothing but, all income for the year, including wages, tips, earnings from…

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: Compute the penalty described for the following taxpayers. If an amount is zero, enter "0". If…

A: The Failure to Pay Penalty is 0.5% of the unpaid taxes for each month or part of a month the tax…

Q: In 2021, Landon has self-employment earnings of $196,000. Required: Compute Landon's self-employment…

A: To calculate Landon's self-employment tax liability, you need to calculate the self-employment tax…

Q: Meryam Ahmed has net tax owing for 2016 of $5,000, n $8,000 and estimated net tax owing for 2018 of…

A: Sometime it happens that taxes are due for long period than on the request tax authorities gives…

Q: Dinh has derived taxable income of $36, 200 for the 2023 income year. Calculate Dinh's net tax…

A: Taxable income refers to the portion of an individual or entity's income that is subject to…

Q: On January 1, 2022, Kunto, a cash

A: Solution:-Given,On January 1, 2022, Kunto, a cash basis taxpayer, pays $184,912time = 24 month…

Q: K Ltd. paid an employee a tax-free travel allowance of $7,700 based on 7,000 kilometres of…

A: According to the question given, we need to compute the total tax-deductible travel allowance. Tax…

Question

100%

A taxpayer filed his income tax return in October 28, 2022. 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, THANKS

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

Follow US Tax procedure for calculations. posting for second time , previous wrong. if it is wrong , downvote sure and review will be given to the bartleby.
You just completed your taxes and had $3,790 withheld for income taxes and a final tax liability of $3,600. Would you be entitled to a/an (refund or additional amount due) and for what amount ?
Sophie has the following information about her payments of tax for 2017/18: Payment on account 1 £2,000 paid in full on 31 March 2018 Payment on account 2 £2,000 paid in full on 31 July 2018 Final balancing payment £3,000 paid in full on 16 March 2019 Calculate any penalties due. Right to amend an income tax/capital gains tax return: Even once a tax return has been submitted, thetaxpayer has a right to amend it for any mistakes as long as it is within the time frame below. HMRC also have a right to amend the return HMRC- Nine months form the date the return is actually filed Taxpayer- 12 months from the usualsubmission date
You have a choice between a tax deduction of $1,000 or a refundable tax credit of $300. What factors/circumstances will determine which option is the better choice for you?
For the tax year 2023/24 Jane has employment income of £47,570, savings income of £1758 and dividends of £3588. What is her tax liability for the year? Enter a whole number, without the £ sign, in the response box.
What is the monthly tax due? A. P513.00 B. P806.42 C. P6,160 D. P9,677
M8
A taxpayer received the following during 2021: A $7,000 eligible dividend, a $2,000 non-eligible dividend, and a foreign dividend (before withholding tax) of $500. The withholding tax rate was 10%. The taxpayer has a marginal tax rate of 30%. How much dividend income will the taxpayer report in 2021? O a. $9,500 O b. $11,366 O c. $12,460 O d. $2,850
United States Tax Law: Taxpayer has mortgage interest on a $1,000,000 loan of $20,000. This is on his primary residence. The loan was incurred in 2022. What is his mortgage interest deduction?
Sir please help me urgently
Hw.39. Insurance payment includes an advance payment of $12,925 for the next year. Is it tax deductible?
For the tax year 2021-22, what is the deadline to file a self-assessment tax return if submitted manually? 31 January 2022 31 January 2023 31 October 2022 6th April 2023