Compute the penalty described for the following taxpayers. If an amount is zero, enter "0". If required, round your answers to two decimal places. a. Wilson filed his individual tax return on the original due date, but failed to pay $16,220 in taxes that were due with the return. If Wilson pays the taxes exactly 9 months late, calculate the amount of his failure-to-pay penalty.

Compute the penalty described for the following taxpayers. If an amount is zero, enter "0". If required, round your answers to two decimal places. a. Wilson filed his individual tax return on the original due date, but failed to pay $16,220 in taxes that were due with the return. If Wilson pays the taxes exactly 9 months late, calculate the amount of his failure-to-pay penalty.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Mike Mays is a waiter at the Dixie Motel. In his first weekly pay in March, he earned $360 for the 40 hours he worked. In addition, he reports his tips for February to his employer ($700.00), and the employer withholds the appropriate taxes for the tips from his first pay in March. Calculate his net take-home pay assuming the employer withheld federal income tax (wage tax bracket, married filing jointly, allowances, social security and state income tax (2%).
Michelle Strand’s regular hourly wage rate is $34, and she receives an hourly rate of $51 for work in excess of 40 hours. During a January pay period, Michelle works 45 hours. Michelle’s federal income tax withholding is $89, and she has no voluntary deductions.Compute Michelle Strand’s gross earnings and net pay for the pay period. Assume that the FICA tax rate is 7.65%. (Round answers to 2 decimal places, e.g. 15.25.) Michelle’s gross earnings $enter a dollar amount Michelle’s net pay $enter a dollar amount
Justin Matthews is a waiter at the Duluxe Lounge. In his first weekly pay in March, he earned $300.00 for the 40 hours he worked. In addition, he reports his tips for February to his employer ($500.00), and the employer withholds the appropriate taxes for the tips from this first pay in March. Calculate his net take-home pay assuming the employer withheld federal income tax (wage-bracket, married filing jointly), social security taxes, and state income tax (1%). Enter deductions beginning with a minus sign (-). Round interim amounts to two decimal places. Use these values in subsequent computations then round final answer to two decimal places. As we go to press, the federal income tax rates for 2021 are being determined by budget talks in Washington and not available for publication. For this edition, the 2020 federal income tax tables for Manual Systems with Forms W-4 from 2020 or later with Standard Withholding and 2020 FICA rates have been used. Click here to access the…
Peter Greeda's regular hourly wage rate is $13, and he receives 1.5 times his normal rate for hours worked in excess of 40. During a March pay period, Peter worked 47 hours. Peter's federal income tax withholding is $80, and he has no voluntary deductions. Compute Peter's gross earnings for the pay period. Round your answer to 2 decimal places.
Fred Balm has agreed to work for the Cadenford Foundation at a total annual salary of $58,000. He is uncertain whether he should be paid bi-weekly or semi-monthly and has asked for your assistance. Calculate the typical deductions for CPP and El that must be taken from Fred's salary under either alternative. Will the choice affect the total El or CPP Fred pays during the year? Complete the table below. (Round your answers to the nearest cent.) Bi-weekly CPP = El = Semi-Monthly. CPP = El = Will the choice affect the total El or CPP Fred pays during the year? (Select the correct choice and, if necessary, fill in the answer boxes within your choice.) O A. No. The amount Fred pays is not affected because the total bi-weekly deductions per pay period multiplied by pay periods is approximately equal to the total semi-monthly deductions per pay period multiplied by pay periods. O B. Yes. The amount Fred pays is not affected because the total bi-weekly deductions per pay period multiplied by…
Compute the penalty described for the following taxpayers. If an amount is zero, enter "0". If required, round your answers to two decimal places. Question Content Area a. Wilson filed his individual tax return on the original due date, but failed to pay $2,310 in taxes that were due with the return. If Wilson pays the taxes exactly 3 months late (not over 60 days), calculate the amount of his failure-to-pay penalty.$fill in the blank b. Joan filed her individual income tax return 5 months after it was due. She did not request an extension of time for filing. Along with her return, Joan remitted a check for $725, which was the balance of the taxes she owed with her return. Disregarding interest, calculate the total penalties that Joan will be required to pay, assuming the failure to file was not fraudulent.$fill in the blank
Betty Strand's regular hourly wage rate is $18, and she receives an hourly rate of $27 for work in excess of 40 hours. During a January pay period, Betty works 47 hours. Betty's federal income tax withholding is $98, and she has no voluntary deductions. Compute Betty Strand's gross earnings and net pay for the pay period. Assume that the FICA tax rate is 7.65%. (Round answers to 2 decimal places, e.g. 15.25.) Betty's gross earnings Betty's net pay $ $
Note: Use the Tax Tables to calculate the answers to the problems listed. Determine the income tax to withhold from the biweekly wages of the following employees (wage-bracket): If your answer is zero, please enter "0". Karen Overton (single, 0 allowances), $900 wages $ Nancy Haller (married, 4 allowances), $1,000 wages $ Alan Glasgow (married, 1 allowance), $980 wages $ Joseph Kerr (single, 4 allowances), $720 wages $ Ginni Lorenz (single, 1 allowance), $580 wages $
Dr. Josef Young earns an adjusted gross weekly income of $2,472. How much Social Security tax should be withheld the first week of the year? How much Medicare tax should be withheld? The Social Security tax rate is 6.2% from earnings to be taxed to a maximum annual wage of $118,500. The Medicare tax rate is 1.45% from all earnings to a maximum annual wage of $200,000. The Social Security tax is $??? (Type an integer or a decimal. Round to the nearest cent as needed.) The Medicare tax is $??? (Type an integer or a decimal. Round to the nearest cent as needed.)
Herman Swayne is a waiter at the Dixie Hotel. In his first weekly pay in March, he earned $360.00 for the 40 hours he worked. In addition, he reports his tips for February to his employer ($700.00), and the employer withholds the appropriate taxes for the tips from this first pay in March. Calculate his net take-home pay assuming the employer withheld federal income tax (wage-bracket, married, 2 allowances), social security taxes, and state income tax (2%). Enter deductions beginning with a minus sign (-). Round interim amounts to two decimal places. Use these values in subsequent computations then round final answer to two decimal places. Gross pay $ Federal income tax $ Social security taxes - OASDI $ Social security taxes - HI $ State income tax $ Net pay $
Lorna Hall’s real estate tax of $2,010.88 was due on December 14, 2019. Lorna lost her job and could not pay her tax bill until February 27, 2020. The penalty for late payment is 612%612% ordinary interest. (Use Days in a year table.)a. What is the penalty Lorna must pay? (Round your answer to the nearest cent.) Penalty Pay b. What is the total amount Lorna must pay on February 27? (Round your answer to the nearest cent.) Total Amount
Justin Matthews is a waiter at the Duluxe Lounge. In his first weekly pay in March, he earned $300.00 for the 40 hours he worked. In addition, he reports his tips for February to his employer ($500.00), and the employer withholds the appropriate taxes for the tips from this first pay in March. Calculate his net take-home pay assuming the employer withheld federal income tax (wage-bracket, head of household), social security taxes, and state income tax (2%).