PS Swim Inc has a year end of November 30. It is a small CCPC. For its 2019 taxation year, its income tax return is due onQulz nawofSelect one1011O a February 28, 2020.b. May 31, 2020.FrishOC. April 30, 2020.TlO d. None of the aboveO e. January 31, 2020.The balance due date for a corporation is:Select oneO a April 30 ot the following year.Ob The same as the tiling deadiine.Oc. Two months after the end of the fiscal year, or three months after the end of the fiscal year if the corporation is a small CCPCO d. Three months after the end of the fiscal year, or two months after the end of the fiscal year if the corporation is a smal CCPC

PS Swim Inc. has a year end of November 30. t is a small CCPC. For its 2019 taxation year, its income tax returm is due on Select one O a February 28, 2020. Ob. May 31, 2020. OC. April 30, 2020. O d. None of the above Oe January 31, 2020.

PS Swim Inc. has a year end of November 30. t is a small CCPC. For its 2019 taxation year, its income tax returm is due on Select one O a February 28, 2020. Ob. May 31, 2020. OC. April 30, 2020. O d. None of the above Oe January 31, 2020.

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

Since the SUTA rates changes are made at the end of each year, the available 2020 rates were used for FUTA and SUTA. Note: For this textbook edition the rate 0.6% was used for the net FUTA tax rate for employers. Example 5-8 The Iqbal Company of Georgia had a FUTA taxable payroll of $215,600 and a SUTA taxable payroll of $255,700 with a 5.6 percent SUTA tax rate. The company would pay unemployment taxes of: FUTA $215,600 × 0.006 = $1,293.60 SUTA $255,700 × 0.056 = 14,319.20 Total taxes $15,612.80 Kresloff Company has only two employees and is located in a state that has set an unemployment tax for the company of 4.8 percent on the first $12,000 of each employee’s earnings. Both employees are paid the same amount each week ($900) and have earned $11,500 up to this week’s pay. The unemployment taxes that the company must pay for this week’s pay would be $48.FUTA tax (both over $7,000) = $0.00SUTA tax ($1,000 × 0.048) = $48.00($500 of each employee’s pay is under the…
Please Solve In 20mins
At the end of 2019, Sentry Company reported a deferred tax liability of $9,724 based on an income tax rate of 26%. On January 2, 2020, Congress changed the income tax rate to 35%. Required: 1. Calculate the amount of the adjustment to Sentry’s 2019 year-end deferred tax liability. 2. Prepare the journal entry to correct Sentry’s deferred tax liability.
27-Muscat Steels LLC received an assessment order (AO) from income tax authority on 1st August 2020. As per the AO, the due date of filing of final return was on 31st July 2020 for the tax year 2019 and the tax payable is assessed as RO 200,000. What will be the amount of tax to be paid by the taxpayer assuming that if the payment of tax was made on 30th April 2021? O a. RO 201,500 b. RO 202,000 O c. RO 200,500 o d. None of the options
Since the SUTA rates change at the end of each year, the available 2023 rates were used for FUTA and SUTA. Note: For this textbook edition the rate 0.6% was used for the net FUTA tax rate for employers. Example 5-6 Park Company has a $70,000 federal and state taxable payroll and has earned a reduced state tax rate timely, the FUTA tax calculation is as follows: Gross FUTA tax ($70,000 x 0.060) Less 90% credit for state taxes paid late ($70,000 x 0.04 x 90%) $2,520 Less additional credit for state tax if rate were 5.4% [$70,000 x (0.054 - 0.04)] 980 Total credit Net FUTA tax If Park Company had made its SUTA payments before the due date of Form 940, the credit for the paym would have provided a total credit of $3,780 and a FUTA tax savings of $280. Peroni Company paid wages of $170,900 this year. Of this amount, $114,000 was taxable for net FUTA and SUTA purposes. The state's contribution tax rate is 3.1% for Peroni Company. Due to cash flow problems, the company did not make any SUTA…
Glennelle's Boutique Incorporated operates in a city in which real estate tax bills for one year are issued in May of the subsequent year. Thus, tax bills for 2022 are issued in May 2023 and are payable in July 2023. Required: 1. How the amount of tax expense for calendar 2022 and the amount of taxes payable (if any) at December 31, 2022, can be determined? a. The amount is estimated based on prior year taxes. b. The amount is estimated based on future year taxes. 2. Use the horizontal model to show the effect of accruing 2022 taxes of $6,900 at December 31, 2022. Indicate the financial statement effect.
A C corporation has a fiscal year-end of August 30. In tax year 2022, it requests an automatic extension of time to file its income tax return. It must file its return no later than the 15th day of: Multiple Choice March. June. April. May.
2: Michael Kolk (single; 3 federal withholding allowances) earned biweekly gross pay of $935. He participates in a flexible spending account, to which he contributes $100 during the period. Federal income tax withholding = $ 3: Anita McLachlan (single; 0 federal withholding allowances) earned monthly gross pay of $2,510. For each period, she makes a 401(k) contribution of 9% of gross pay. Federal income tax withholding = $ 4: Stacey Williamson (married; 3 federal withholding allowances) earned semimonthly gross pay of $1,250. She participates in a cafeteria plan, to which she contributes $150 during the period. Federal income tax withholding = $
Follow US Tax procedure for calculations. posting for second time , previous wrong. if it is wrong , downvote sure and review will be given to the bartleby.
Question text Use the following tax rates and taxable wage bases: Employees' and Employer's OASDI-6.2% both on $128,400; HI-1.45% for employees and employers on the total wages paid. Employees' Supplemental HI of 0.9 percent on wages in excess of $200,000 was not applicable. PROBLEM: During 2019, Amanda Hines, president of Dunne, Inc., was paid a semimonthly salary of $7,100. Determine the following amounts. OASDI HI (a) The amount of FICA taxes to withhold from her 9th pay is ______ ______ (b) The amount of FICA taxes to withhold from her 19th pay is ______ ______ (c) The amount of FICA taxes to withhold from her 24th pay is ______ ______
A-6
During 2020, Marigold Co.’s first year of operations, the company reports pretax financial income at $247,300. Marigold’s enacted tax rate is 45% for 2020 and 20% for all later years. Marigold expects to have taxable income in each of the next 5 years. The effects on future tax returns of temporary differences existing at December 31, 2020, are summarized as follows. Future Years 2021 2022 2023 2024 2025 Total Future taxable (deductible) amounts: Installment sales $33,800 $33,800 $33,800 $101,400 Depreciation 5,800 5,800 5,800 $5,800 $5,800 29,000 Unearned rent (47,000) (47,000) (94,000) Complete the schedule below to compute deferred taxes at December 31, 2020. (Negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).)…