In 2023, John, who is single, has a comfortable salary from his job as well as income from his investment portfolio. However, he is habitually late in filing his federal income tax return. He did not file his 2023 income tax return until December 10, 2024 (due date was April 15, 2024) and no extensions of time to file the return were filed. Below are amounts from his 2023 return: View the 2023 data. Read the requirement. First select the labels for any applicable financial obligations that John will incur, then enter the applicable amounts and calculate the total. (Assume a 365-day year. Do not round intermediary calculations. Only round amounts you enter into the table to the nearest cent. If an input field is not used in the table leave the input field empty; do not select a label or enter a zero.) Interest Late payment Failure to pay penalty Late filing: Failure to file penalty $ 282.99 279.00 1,395.00 2023 data -X Total additional amount due $ 1,956.99 - X Taxable income Total tax liability on taxable income Total federal tax withheld from his salary $ 130,000 25,036 18,836 Requirement Has John met all of his financial obligations to the IRS for 2023? If not, what additional amounts will John be liable to pay to the IRS? (Ignore any extentions granted for extraordinary circumstances). Assumptions: The IRS interest rate used is 7% Interest calculations will be made on a 365 day year. The 2023 tax return that was filed is accurate. John sent a check with his return to the IRS for the balance due of $6,200. He is relieved that he has completed his filing requirement for 2023 and has met his financial obligation to the government for 2023. Print Done Similar question
In 2023, John, who is single, has a comfortable salary from his job as well as income from his investment portfolio. However, he is habitually late in filing his federal income tax return. He did not file his 2023 income tax return until December 10, 2024 (due date was April 15, 2024) and no extensions of time to file the return were filed. Below are amounts from his 2023 return: View the 2023 data. Read the requirement. First select the labels for any applicable financial obligations that John will incur, then enter the applicable amounts and calculate the total. (Assume a 365-day year. Do not round intermediary calculations. Only round amounts you enter into the table to the nearest cent. If an input field is not used in the table leave the input field empty; do not select a label or enter a zero.) Interest Late payment Failure to pay penalty Late filing: Failure to file penalty $ 282.99 279.00 1,395.00 2023 data -X Total additional amount due $ 1,956.99 - X Taxable income Total tax liability on taxable income Total federal tax withheld from his salary $ 130,000 25,036 18,836 Requirement Has John met all of his financial obligations to the IRS for 2023? If not, what additional amounts will John be liable to pay to the IRS? (Ignore any extentions granted for extraordinary circumstances). Assumptions: The IRS interest rate used is 7% Interest calculations will be made on a 365 day year. The 2023 tax return that was filed is accurate. John sent a check with his return to the IRS for the balance due of $6,200. He is relieved that he has completed his filing requirement for 2023 and has met his financial obligation to the government for 2023. Print Done Similar question
Chapter2: Income Tax Concepts
Section: Chapter Questions
Problem 35P
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Transcribed Image Text:In 2023, John, who is single, has a comfortable salary from his job as well as income from his investment portfolio. However, he is habitually late in filing his federal income tax return. He did not
file his 2023 income tax return until December 10, 2024 (due date was April 15, 2024) and no extensions of time to file the return were filed. Below are amounts from his 2023 return:
View the 2023 data.
Read the requirement.
First select the labels for any applicable financial obligations that John will incur, then enter the applicable amounts and calculate the total. (Assume a 365-day year. Do not round intermediary
calculations. Only round amounts you enter into the table to the nearest cent. If an input field is not used in the table leave the input field empty; do not select a label or enter a zero.)
Interest
Late payment Failure to pay penalty
Late filing: Failure to file penalty
$
282.99
279.00
1,395.00
2023 data
-X
Total additional amount due
$
1,956.99
- X
Taxable income
Total tax liability on taxable income
Total federal tax withheld from his salary
$
130,000
25,036
18,836
Requirement
Has John met all of his financial obligations to the IRS for 2023? If not,
what additional amounts will John be liable to pay to the IRS? (Ignore
any extentions granted for extraordinary circumstances).
Assumptions:
The IRS interest rate used is 7%
Interest calculations will be made on a 365 day year.
The 2023 tax return that was filed is accurate.
John sent a check with his return to the IRS for the balance due of $6,200.
He is relieved that he has completed his filing requirement for 2023 and has
met his financial obligation to the government for 2023.
Print
Done
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