If a T1 or T2 return is filed late, certain charges apply. Which of the following statements is INCORRECT? O a. a. Penalties and interest are based on the balance of tax payable at the taxation year-end. O b. For the first offence, penalties are charged at a rate equal to 5%, plus 1% for each complete month that the tax due is outstanding. O c. For the second offence, penalties are charged at a rate equal to 10%, plus 2% for each complete month that the tax due is outstanding. O d. Interest is calculated at a prescribed interest rate, set by Canada Revenue Agency. O e. Late-filing penalties are charged but there are no interest charges.

If a T1 or T2 return is filed late, certain charges apply. Which of the following statements is INCORRECT? O a. a. Penalties and interest are based on the balance of tax payable at the taxation year-end. O b. For the first offence, penalties are charged at a rate equal to 5%, plus 1% for each complete month that the tax due is outstanding. O c. For the second offence, penalties are charged at a rate equal to 10%, plus 2% for each complete month that the tax due is outstanding. O d. Interest is calculated at a prescribed interest rate, set by Canada Revenue Agency. O e. Late-filing penalties are charged but there are no interest charges.

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

None
A7
Egolf Corporation failed to include $300,000 of taxable interest income on its 2021 calendar year Form 1120. The gross income reported on the return was $4.7 million, and the return was filed on February 20, 2022. Required: a. What is the last day on which the IRS may assess additional tax for Egolf's 2021 taxable year? b. Assume Egolf only reported $1 million in gross income on its 2021 calendar year return. What is the last date on which the IRS may assess additional tax for 2021? Complete this question by entering your answers in the tabs below. Required A Required B What is the last day on which the IRS may assess additional tax for Egolf's 2021 taxable year? Due date for assessment of additional tax is
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
Loss is generally considered a tax relief and can be carried forward to the following trading year and offset against the profit for that year. A company operating in Country A with the following tax loss rules. i. There is no cap on the number of years for which losses may be carried forward. ii. There is no cap applicable for the first five years of assessment following the year of assessment in which the taxpayers started a trade, business, or profession. iii. There is no cap available where a taxpayer (whether individual or company) whose gross turnover is below $10,000,000 per annum. iv. The deduction allowed for prior year losses (PYL) is 50 percent of the net income for the respective year. In 2022, LMP Limited, a company registered in Country A, had a trading profit of $5,000,000. The company started business in 2020 and its gross revenue was $9,000,000 for the tax year. Prior year tax losses are $4,000,000. It's loss relief for that year is? а. $2,500,000 b.$4,000,000…
Subject: acounting
Kk181.
D Exercise 5-7A (Static) Which of the following statements are true about state and local income taxes? (You may select more than one answer. Single click the box with the question mark to produce a check mark for a correct answer and double click the box with the question mark to empty the box for a wrong answer. Any boxes left with a question mark will be automatically graded as incorrect.) W S X F2 ? All states tax employee earnings. ? Some localities levy income tax on employees. State tax rates on employee earnings vary among states. ? Certain states have no personal income tax deduction. # 3 E JUL 7 80 F3 $ 4 R Q F4 % 5 U * 00 8 DII F8 I ( 9 J K CVBNM A F9 0 < ) 0 F10 L W P 4 F11 { [ = F12 ?
Molly Ellen, bookkeeper for Keystone Company, forgot to send in the payroll taxes due on April 15. She sent the payment November 8. The IRS sent her a penalty charge of 8% simple interest on the unpaid taxes of $4,100. Required: How many days late was the tax payment? What is the amount of the penalty (use exact interest)?
A1 please help.....
14. On March 21st Jamukha recorded salaries owed to employees and payroll taxes. Employee's gross salaries were $8,300. FICA tax was withheld at a rate of 7.65%. Federal income taxes (FIT) of $1,500 were withheld, and state income taxes (SIT) of $600 were withheld. The federal unemployment tax (FUTA) rate was 1%, and the state unemployment tax (SUTA) rate was 3.25% No cash has been paid yet, so record all the amounts due in the appropriate payable accounts.
In Step 1 the income tax expense of $8,750,000 is correct. The deferred tax liability and income tax payable are incorrect. In Step 2 the net income is correct.