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- In 2020, Susan (who files as single) had silverware worth $10,000 (basis $6,000) stolen from her home due to a federal declared disaster area. Her insurance company told her that her policy did not cover the theft. In 2020, Susan’s other itemized deductions were $2,000, and she had AGI of $40,000. In February 2021, Susan’s insurance company decided that Sarah’s policy did cover the theft of the silverware and they paid Susan $4,000. Determine the tax treatment of the $4,000 received by Susan during 2021. a. None of the $4,000 should be included in gross income. b. $2,000 should be included in gross income. c. $4,000 should be included in gross income. d. Last year’s return should be amended to include the $4,000.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 blankRalph owns a building that he is trying to lease. Ralph is a calendar-year, cash-method taxpayer and is trying to evaluate the tax consequences of three different lease arrangements. Under lease 1, the building rents for $610 per month, payable on the first of the next month, and the tenant must make a $610 security deposit that is refunded at the end of the lease. Under lease 2, the building rents for $6,710 per year, payable at the time the lease is signed, but no security deposit is required. Under lease 3, the building rents for $610 per month, payable at the beginning of each month, and the tenant must pay a security deposit of $1,220 that is to be applied toward the rent for the last two months of the lease. Note: Leave no answers blank. Enter zero if applicable. Required: a. What amounts are included in Ralph's gross income this year if a tenant signs lease 1 on December 1 and makes timely payments under that lease? b. What amounts are included in Ralph's gross income this year…
- 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 AmountGreg has one employer and expects no changes to his tax situation for next year. He received a large refund after filing his 2019 tax return. He would like to pay less in taxes throughout the year, even if that means a lower refund when he files his 2020 return. Which of the following actions is most likely to help Greg achieve this goal? Complete only Steps 1 and 5 of the 2020 Form W-4, entering personal information and filing status and signing the form. Tax will be computed only on the standard deduction amount and tax rates for Greg's filing status. Complete 2020 Form W-4, Step 4c, and enter a negative amount of tax to be withheld each pay period. Complete 2020 Form W-4, Step 4c, and enter an additional amount of tax to be withheld each pay period. Purchase an educationIn December 2020, Ryan paid $31,230 for an insurance policy that covers his business property for accidents and casualties. Ryan is a calendar-year taxpayer who uses the cash method of accounting. What amount of the insurance premium may Ryan deduct in 2020 in each of the following alternative scenarios?a. The policy covers the business property from March 1, 2021 – February 28, 2022.b. The policy covers the business property from November 1, 2020 – October 31, 2022.c. The policy covers the business property from December 1, 2020 – November 30, 2021.d. Assume that instead of paying an insurance premium, Ryan paid $31,230 in rent for Dec 1, 2020 – May 31, 2021. Please show excel work
- Karen Most has a federal tax levy of $2,100.50 against her. If Most is single with two personal exemptions and had a take-home pay of $499.00 this week, how much would her employer take from her to satisfy part of the tax levy?Clyde is a cash-method taxpayer who reports on a calendar-year basis. This year Paylate Corporation has decided to pay Clyde a year-end bonus of $1,450.Determine the amount Clyde should include in his gross income this year under the following circumstances. (Leave no answer blank. Enter zero if applicable.) Problem 5-53 Part-a (Algo) a. Paylate Corporation wrote the check and put it in Clyde’s office mail slot on December 30 of this year, but Clyde did not bother to stop by the office to pick it up until after year-end. Amount to be included in gross income - _______Clyde is a cash-method taxpayer who reports on a calendar-year basis. This year Paylate Corporation has decided to pay Clyde a year-end bonus of $1,450.Determine the amount Clyde should include in his gross income this year under the following circumstances. (Leave no answer blank. Enter zero if applicable.) Problem 5-53 Part-d (Algo) d. Clyde picked up the check in December, but the check could not be cashed immediately because it was postdated January 10. Amount to be included in gross income - ________
- Benita is concerned that she will not be able to complete her tax return by April 15. Can she request an extension to file her return? By what date must she do so? Assuming she requests an extension, what is the latest date that she could file her return this year without penalty? Answer: Yes, Benita can file an automatic six month extension to file her tax returnAhmed does not have enough cash on hand to pay his taxes. He was excited to hear that he can request an extension to file his tax return. Does this solve his problem? What are the ramifications if he doesn’t pay his tax liability by April 15?7. Kamden has a deductible of $1,500. He damages his car in an accident and it will cost $3,900 to repair. How much does Kamden have to pay? How much does his insurance pay?
