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If a calendar year S Corporation does not request an automatic extension of time to file its income tax return, the original due date of the return is:
-
- January 31
- March 15
- April 15
- June 15
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- The monthly salaries for December and the year-to-date earnings of the employees of Bush Consulting Company as of November 30 follow Determine the amount of social security tax to be withheld from each employee's gross pay for December. Assume a 6.2 percent social security tax rate and an earnings base of $132,900 for the calendar year. Employee December No. Salary 1 2 3 4 Soc. Sec. Taxable Earnings November 30 December Year-to-Date Earnings Through 3 9,300 $ 98,400 9,400 69,400 10,050 110,550 9,400 99,400 Social Security Taxi 6.20%Which of the following is true regarding filing requirements? a.For all tax year-ends, the due date for filing a corporate tax return is the fifteenth day of the third month after year-end. b.Filing an extension for a corporate tax return also provides an extension for paying the corporation's tax due. c.A corporation with a tax year ending on June 30 can get a 7-month extension instead of the usual 6 months. d.A corporation can wait to pay its tax liabilityFor the current year, LNS corporation reported the following taxable income at the end of its first, second, and third quarters. Quarter-End First Second Third Installment What are LNS's minimum first-, second-, third-, and fourth-quarter estimated tax payments, using the annualized income method? Note: Enter all amounts as positive values. Leave no answer blank. Enter zero if applicable. Round "Annualization Factor" for Fourth quarter to 7 places. Round other intermediate computations and final answers to the nearest whole dollar amount. First quarter Second quarter Third quarter Fourth Cumulative quarter Taxable Income $ 1,700,000 2,636,000 3,681,000 Taxable Income $ 1,700,000 $ 1,700,000 $ 2,636,000 $ 3,681,000 Annualization Factor 4 $ 4 $ 2 S $ 1.3333333 Annual Estimated Taxable Income 6,800,000 6,800,000 5,272,000 4,908,000 Answer is not complete. Tax on estimated taxable income $ 6,800,000 $ 6,800,000 $5,272,000 $ 4,895,730 Percentage of Tax Required To Be Paid 25 50 75 100 %0 %…
- My other question did not have the completed time card attached. The completed timecard is attached below. Complete the payroll register for Bill Brown for the pay period ending on August 31. Fill in the regular, overtime, and total earnings from the time card. Calculate Bill’s federal income tax using the IRS Employee Income Tax Withholding table for a semimonthly pay period (see https://www.irs.gov/pub/irs-pdf/p15t.pdf). Calculate Social Security tax at 6.2% and Medicare tax at 1.45%. Bill elected to withhold 10% of his earnings for retirement and 5% for health insurance. Calculate Net Pay. Bill will be paid with Check No. 1145.The tax rates in effect are 2019, 40%; 2020 and 2021, 45%. All tax rates were enacted into law on January 1, 2019. No deferred income taxes existed at the beginning of 2019. Taxable income is expected in all future years. Prepare the journal entry to record income tax expense, deferred income taxes, and income taxes payable for 2019, 2020, and 2021. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Dec. 31.2019 Dec. 31, 2020 Account Titles and Explanation Debit Credit7. A corporation reporting on a fiscal year ending every March 31 shall file its 2019 income tax return not later than * a. April 15, 2019 O b. July 15, 2020 O c. April 15, 2020 O d. June 15, 2020
- Sheridan Company reported the following results for the year ended December 31, 2020, its first year of operations: Income (per books before income taxes) $3343000 Taxable income 4466000 The disparity between book income and taxable income is attributable to a temporary difference, which will reverse in 2021. What should Sheridan record as a net deferred tax asset or liability for the year ended December 31, 2020, assuming that the enacted tax rates in effect are 35% in 2020 and 30% in 2021? O $393050 deferred tax liability $336900 deferred tax liability $393050 deferred tax asset $336900 deferred tax asset8.Determine when each of the following must deposit its Form 941 tax liabilities. Quikstep, a monthly depositor, pays employees on Friday. The total 941 deposit obligation for wages paid on April 17, 2020, is $2,400. Slowque, a monthly depositor, pays employees on Friday. Its total 941 deposit obligation for wages paid on September 4, 2020, is $2,000. BigTime, a semiweekly depositor, pays employees on Friday. BigTime’s 941 deposit obligation for wages paid on Friday, July 3, 2020, is $12,400. Lopez & Sons, a monthly depositor, pays employees on the 15th and last day of the month. Its 941 deposit obligation for wages paid on June 26, 2020, is $112,400.A C corporation has a fiscal year-end of November 30. It does not request an extension of time to file its income tax return. It must file its return no later than the 15th day of: Multiple Choice March. January. April. February.
- Instead of paying estimated tax by the usual due dates, farmers or fishermen may elect to make no estimated tax payments, file their returns, and pay the entire tax due on or before March 1, or they may make one estimated tax payment on or before January 15 and file their return on or before April 15. What is the gross income requirement that qualifies a farmer or fisherman for this estimated tax rule? (A) At least 2/3 of total gross income for the preceding year was from farming or fishing, OR at least 2/3 of total gross income for the current year is from farming or fishing. (B) At least 90% of total gross income for the preceding year was from farming or fishing. (C) At least 3/4 of total gross income for the current year is from farming or fishing. (D) At least 2/3 of total gross income for the preceding year was from farming or fishing, AND at least 2/3 of total gross income for the current year is from farming or fishing69. Jackal Company's (a monthly depositor) tax liability (amount withheld from employees' wages for federal income tax and FICA tax plus the company's portion of the FICA tax) for July was $2,780. No deposit was made by the company until August 22, 20-- (7 days late). Determine the following: A. The date by which the deposit should have been made B. The penalty for failure to make timely deposit C. The penalty for failure to fully pay tax when due D. The interest on taxes due and unpaid (assume a 5% interest rate)11. The Dot Corporation has changed its year-end from a calendar year-end to August 31. The income for its short period from January 1 to August 31 is $54,000. The tax for this short period is: a.$2,040 b.$8,667 c.$11,340 d.$6,250
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