Jennie received a 6-month extension (to October 15, 2021) to file her 2020 tax return. Jennie actually filedthe return on November 20, 2021, paying the $20,000 amount due at that time. She has no reasonablecause for failing to file the return by October 15 or for failing to pay the tax that was due on April 15, 2021.How much is the failure-to-pay penalty?Question 17 options:a) $800b) $700c) $2,000d) $1,000

The failure-to-pay penalty is a penalty imposed by tax authorities when a taxpayer fails to pay the…

Answered: Jennie received a 6-month extension (to…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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In 2021 a retired individual is single, has no dependents, and holds a part-time job that pays $9,800 per year. The individual also has corporate bonds that pay interest income each year. The individual cannot be claimed as a dependent on anyone's tax return. What is the minimum amount of interest the corporate bonds must pay for this individual to be required to file income taxes? $2,601 $2,751 $7,651 O $9,001
7. Max McCall's real property tax of $2,010.88 was due on Dec 14. Max could not pay until March 9" of the following year. The late penalty is 5% annually. a. What is the penalty amount? b. What is the total amount of the tax bill he must pay?
Don, a calendar year taxpayer, unintentionally failed to include $40,000 of dividend income on his 2022 tax return filed on March 15, 2023. If he reported gross income on his return of $140,000, what is the last day on which the IRS may assess him additional tax for 2022? March 15, 2026 April 15, 2026 March 15, 2029 April 15, 2029
A1
D4
6
Discussion Question 1-42 (Algorithmic) (LO. 5) Rita files her income tax return 120 days after the due date of the return without obtaining an extension from the IRS. Along with the return, she remits a check for $98,000, which is the balance of the tax she owes. Note: Assume 30 days in a month. Disregarding the interest element, enter Rita's failure to file penalty and failure to pay penalty. Failure to pay penalty $ Failure to file penalty X X
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
Question 11 In 2021, Santana's tentative minimum tax is $24,500 and her regular tax liability is $27,000. What is her alternative minimum tax? a. So O b. $2,500 O c. $24,500 O d. $27,000 Question 9 In 2021, Tanya and Bob are both 26 years old and they have one qualifying child. Their filing status is married fling joint, and nether are claimed as a dependent on another's return. All of their income ($28,000) is from wages earned working at their jobs. They do not have any for AGI deductions. What amount can Tanya and Bob claim as an earned income tax credit in 2021? O a. $0 Ob. $404 Oc$3,214 d. $3,618 Oe. None of the above Moving to another question will save this response. Evan and his wife, Jolie, have two daughters who are both considered their qualifying children. Evan and Jolie file a joint return. What is the total amount of child tax credit will they be able to claim in 2021 if their AGI is $170,000 and their daughters are 4 and 77 Hint: Select the total of the Child Tax Credit…
Jasmine 29 is filing as a single tax payer in 2020 she recieve income from the following sources 39000 wages Alimony payment totaling 14328 her divorce was finalize in October 2019 Unemployment compensation of 6200 Jasmine also made a timely 2000 contribution to a traditional ira for 2020 She has no other income and will file a standard deduction What is Jasmine adjustable gross ? income
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
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