SWFT Comprehensive Vol 2020
43rd Edition
ISBN: 9780357391723
Author: Maloney
Publisher: Cengage
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Joan filed her individual income tax return 4½ months after it was due. She did not request an extension of time for filing. Along with her return, Joan remitted a check for $750, 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.
Isabella files her income tax return 35 days after the due date of the return without obtaining an extension from the IRS. Along with the return, she remits a check for $40,000, which is the balance of the tax she owes.
Note: Assume 30 days in a month.
Disregarding the interest element, enter Isabella's penalty amount for each, failure to file and failure to pay.
Rita files her income tax return 180 days after the due date of the return without obtaining an extension from the IRS. Along with the return, she remits a check for $74,000, 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
$
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- Arlen is required by his 2019 divorce agreement to pay alimony of $2,000 a month and child support of $ 2,000 a month to his ex-wife Jane. What is the tax treatment of these two payments for Arlen? What is the tax treatment of these two payments for Jane? Arlen_______________________________________________________________________________________________________________________________________________ Jane_______________________________________________________________________________________________________________________________________________arrow_forwardAliya files her current year tax return on June 18 of the following year. On October 8 she pays the amount due, if any, without requesting an extension. The tax shown on her return is $30,000. Aliya pays no estimated taxes and claims no tax credits on her current year return. Read the requirements. Requirement a. What penalties will the IRS likely impose on Aliya (ignoring the penalty for underpayment of estimated taxes)? On what dollar amount, and for how many days, will Aliya owe interest? Assume Aliya committed no fraud and that any penalty and interest period begins on April 16. Assume her wage withholding tax amounts to $23,000. Complete the table below to show the penalties that the IRS will likely impose on Aliya. Minus: Total penalties Aliya owes interest on for days. Requirement b. What penalties will the IRS likely impose on Aliya (ignoring the penalty for underpayment of estimated taxes)? On what dollar amount, and for how many days, will Aliya owe interest? Assume Aliya…arrow_forwardAlexi files her tax return 14 days after the due date. Along with the return, she remits a check for $16,800, which is the balance of the tax she owes. The failure to file is not attributable to fraud. Assume 30 days in a month. If required, round your answers to nearest whole value. Disregarding any interest liabilities, Alexi's total penalties are as follows: Failure to pay penalty: $ Failure to file penalty: $ X. X.arrow_forward
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- Jolene filed her tax return by its original due date but did not pay the $2,000 in taxes she owed with the return until one and a half months later. Her late filing and late payment penalty would be?arrow_forwardRita 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 $ 114,000, which is the balance of the tax she owesarrow_forwardJolene filed her tax return by its original due date but did not pay the $1,700 in taxes she owed with the return until one and a half months later. Determine the amount of the late filing and late payment penalties that apply.arrow_forward
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