Michael earns $10,000, and his tax liability for the current year is $8,000, double what it was the previous year. to avoid penalties, how much do his combined payments (withholdings and ccredits) haave to be?
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Michael earns $10,000, and his tax liability for the current year is $8,000, double what it was the previous year. to avoid penalties, how much do his combined payments (withholdings and ccredits) haave to be?
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- Please do not give solution in image format ? And Fast Answering Please ? And please explain proper steps by Step ?.Jessica had the following gains and losses for the year: Long-term loss = $45,000 Short-term loss = $15,000 Long-term gain = $20,000 Short-term gain = $19,000 How much gain or loss will Jessica deduct on her current tax return? $0 Long-term capital loss of $3,000 Long-term capital loss of $21,000 Short-term capital gain of $4,000; and $25,000 long-term lossIn 2021, Erica's AGI was $141,000, and the total tax liability was $33,650. This year, Elon’s total tax liability is $35,290. Compute the minimum amount of 2022 tax that Erica had to prepay (withholding and estimated payments) to avoid an underpayment penalty.
- In the current tax year, a taxpayer sells a painting for $12,000. She purchased the painting two years ago for $8,000. The short-term capital gains rate is 25%. The long-term capital gains rate is 15%. What is the taxpayer's gain for the current tax year? O $600 short-term capital gain. O $600 long-term capital gain. O $1,000 long-term capital gain. O$1,000 short-term capital gain An individual with a taxable income of $50,000 sells 300 shares of stock at a market price of $100 per share. At the individual's present level of income, there is a marginal ordinary income tax rate of 25% and a long-term capital gains rate of 15%. 200 shares of the stock were acquired 13 months earlier at a price of $80 per share, and 100 shares were acquired two years earlier at a price of $60 per share. What is this individual's tax liability after this transaction? O $2,000 O $1,800 O $8,000 O $1,200Trudy's AGI last year was $366,000. Her Federal income tax came to $109,800, paid through both withholding and estimated payments. This year, her AGI will be $549,000, with a projected tax liability of $82,350, all to be paid through estimates. Trudy wants to pay the least amount of tax that does not incur a penalty. Note: Ignore the annualized income method. If required, round intermediate calculations to two decimal place and your final answer to the nearest dollar. a. Compute Trudy's total estimated tax payments for this year.Under the current-year method: $Under the prior-year method: $ b. Assume instead that Trudy's AGI last year was $86,000 and resulted in a Federal income tax of $17,200. Determine her total estimated tax payments for this year.Under the current-year method: $Under the prior-year method: $Malcolm Moore, single, had medical expenses of $5,000 last year and was able to deduct $3,000 of them. He was reimbursed $4,500 of these expenses this year by his insurance company. His total itemized deductions last year were $19,000. What amount must he include in this year's tax return as gross income?
- In 2020 Richard Cranium made $42000 from their employer, but he did well in the stock market and was paid $5000 in dividends. What was his tax liability?Calculate the 2020 tax liability and the tax or refund due for each situation. Round your answers to the nearest dollar. a. Mark is single with no dependents and has a taxable income of $62,600. He has $9,500 withheld from his salary for the year. b. Harry and Linda are married and have taxable income of $62,600. Harry has $5,270 withheld from his salary. Linda makes estimated tax payments totaling $2,600. c. Aspra is single. His 20-year-old son, Calvin, lives with him throughout the year. Calvin pays for less than one-half of his support and his earned income for the year is $2,980. Aspra pays all costs of maintaining the household. His taxable income is $62,600. Aspra’s withholdings total $8,300. d. Randy and Raina are married. Because of marital discord, they are not living together at the end of the year, although they are not legally separated or divorced. Randy's taxable income is $25,500, and Raina's is $62,600. Randy makes…You just completed your taxes and had $3,790 withheld for income taxes and a final tax liability of $3,600. Would you be entitled to a/an (refund or additional amount due) and for what amount ?
- This year Luke has calculated his gross tax liability at $1,860. Luke is entitled to a $2,490 nonrefundable personal tax credit, a $1,545 business tax credit, and a $630 refundable personal tax credit. In addition, Luke has had $2,375 of income taxes withheld from his salary. What is Luke's net tax due or refund?Use the following information for the next three questions:Maricel started a laundry business last year. At the end of 2018, he earned a taxable income of P350,000 in total. He did not opt the 8% income tax rate.6. What is the tax rate based on the graduated tax schedule?a. 20% of the excess over P250,000b. P30,000 + 25% of the excess over P400,000c. P130,000 + 30% of the excess over P800,000d. P490,000 + 32% of the excess over P2,000,0007. What is the tax due?a. 0b. 20,000c. 55,000d. 70,0008. What is the percentage tax?a. 0b. 600c. 10,500d. 30,500Please help me with e and f. Thanks!
