A taxpayer filed his income tax return on June 30, 2019. The deadline for the return was April 15, 2019. If he has P40,000 net tax due, how much was the surcharge paid? a. P20,000 b. P10,000 c. P8,000 d. P4,800 e. Answer not give

A taxpayer filed his income tax return on June 30, 2019. The deadline for the return was April 15, 2019. If he has P40,000 net tax due, how much was the surcharge paid? a. P20,000 b. P10,000 c. P8,000 d. P4,800 e. Answer not give

Income Tax Fundamentals 2020

38th Edition

ISBN:9780357391129

Author:WHITTENBURG

Publisher:WHITTENBURG

Chapter12: Tax Administration And Tax Planning

Section: Chapter Questions

Problem 7MCQ

See similar textbooks

Related questions

Q: An unmarried taxpayer with AGI of $120,000 in 2021 has a tax liability of $21,000. The taxpayer's…

A: The explanation about the prepaid tax during the Fiscal year: According to The IRS, taxes must be…

Q: A VAT-registered business taxpayer had no inventories at the beginning and end of the quarter.…

A: Here discuss about the details of registered VAT and non registered VAT difference in the payment of…

Q: X wishes to file his 2019 income tax return. To avoid penalty, he must file his return on or before:…

A: For individuals, income tax return filing due date when their financial year ends on December 31 is…

Q: 2-Hamed was granted a loan of £40,000 by his employer on 1st April 2019 and interest is payable on…

A: The beneficial loans are taxable to the extent of difference between…

Q: If a taxpayer has $40,000 of employee salary in 2019, how much will be withheld for the Social…

A: Social security tax and Medicare tax are to be paid by employers and employees both have to pay…

Q: A taxpayer received a notice from the BIR to file his 2020 income tax return not later than January…

A: solution concept provision The interest penalty is levied @ 20% pa of the tax due after April 15 of…

Q: Rita, a calendar-year individual taxpayer, files her 2018 income tax return on October 5, 2020. An…

A: Tax filling means to fill a form in which the income and expenses of the tax payers are filled along…

Q: A taxpayer filed his income tax return in October 28, 2018. The deadline for the return was April…

A: solution concept as per the income tax provision stated by BIR In case if a person fails to file…

Q: Victoria's 2021 tax return was due on April 15, 2022. but she did not file it until June 12, 2022.…

A: 1. Non Filing / Late Filing Penalty : 5 % per month ( or fraction there of ) on additional tax due.…

Q: Required: Victoria's 2020 tax return was due on April 15, 2021, but she did not file it until June…

A: 1. Non Filing / Late Filing Penalty : 5 % per month ( or fraction there of ) on additional tax due.…

Q: An accountant agrees to perform $410 of tax services for an auto mechanic who has agreed to perform…

A: TAXABLE INCOME YEAR ACCOUNTANT MECHANIC 2021 $410 $0…

Q: In 2018, Ronnie Alonte received from his employer a promissory note with a face value of P 50,000…

A: Notes Receivable Notes receivable which are received in the form of services which are provided to…

Q: Taxpayer enjoyed its last year of its income tax holiday in 2020. For that year, it reported however…

A: The net operating loss (NOL) is incurred in business when the total deductible expenses are more…

Q: A taxpayer filed his income tax return in October 28, 2022. The deadline for the return was April…

A: solution concept as per the income tax provision stated by BIR in event when a person fails to file…

Q: Maryann filed her Income Tax Return for taxable year 2021 on May 2, 2022. After an investigation, it…

A: Income tax return refers to the statement filed with the government that reflects the income,…

Q: A taxpayer is contributing to an RRSP for the 2021 tax year. The taxpayer's earned income in 2020…

A: GIVEN A taxpayer is contributing to an RRSP for the 2021 tax year. The taxpayer's earned income in…

Q: Anna paid her income tax on June 20, 2019. She filed a claim for refund on May 2, 2020and received…

A: Anna paid her income tax on June 20, 2019 It means she filed her income tax = 20.06.2019 She also…

Q: Taxpayer enjoyed its last year of its income tax holiday in 2020. For that year, it reported however…

A: Introduction Net Operating Loss Carryover Deduction (NOLCO) is available to the companies who have…

Q: A taxpayer received a notice from the BIR to file his 2020 income tax return not later than January…

A: Surcharge- Surcharge refers to an addition of extra charge on the decided or identified price. In…

Q: If a calendar year taxpayer's 2021 individual income tax return is mailed on June 15, 2022, the…

A: Given : a. June 15, 2025 b. June 15, 2024 c. April 15, 2025 d. April 15, 2024 e. None of these…

Q: Mani Pakyaw failed to file and pay his income tax return for the year 2019 which should have been…

A: Since the questions have four subparts, we will be solving only the first three of them. Income tax…

Q: A taxpayer providing services provided the following: Description Payment of expenses current period…

A: Accrual basis of accounting says that all expenses incurred in that particular period should be…

Q: In the third quarter of 2019, a taxpayer engaged in the sale of services whose annual gross receipts…

A: Here discuss about the percentage of taxes and Value added taxes and its restriction in the total…

Q: 2-Hamed was granted a loan of £40,000 by his employer on 1st April 2019 and interest is payable on…

A: In UK perks are taxable excluidng childcare and…

Q: Ms. White has net tax owing for 2017 of $4,500, net tax owing for 2018 of $8,000, and estimated net…

A: Taxes are the amount of dues and obligations which needs to be settled or paid by the business on…

Q: Dora Burch files her 2020 income tax return on March 2, 2021. She receives a nil assessment on June…

A: As given Dora Burch prepares her tax return for the year 2020 on March 2, 2021. On June 3, 2021, she…

Q: Compute the 2019 tax liability and the marginal and average tax rates for the following taxpayers…

A: Tax liability seems to be the sum of money owed to tax authorities within the manner of tax debt.…

Q: In 2021, Sonny earns $47,900 and is unemployed for $10,000. What is Sonny's taxable income if he…

A: As per Income tax act 1961 (endian no any other detail given for other country tax that why)

Q: A taxpayer received a notice from the BIR to file his 2020 income tax return not later than January…

A: Failure to pay tax due according to rules and regulations before the stipulated date attracts the…

Q: Calculate the taxpayer's 2019 qualifying business income deduction for a qualified trade or…

A: The qualified business deduction deducted from taxable income. That reduces the tax liability of…

Q: During the year ended 30 June 2019 Michael, a resident taxpayer, received salary and wages income of…

A: Salary and wages = $26,000 Franked dividend = $9,800 Franking credits = $4,200 PAYG instalments…

Q: Apply the tax benefit rule to determine the amount of the state income tax refund included in gross…

A: A).Itemized deductions =25,500 Standard deductions = 24,800 State income tax that need to be…

Q: A taxpayer employs a qualified PWD for a total salary of P50,000. Assuming taxpayer meets all…

A: IN ACCORDANCE TO SECTION 8 OF RA 7277 STATES THAT THERE IS A SPECIAL DEDUCTION OFFERED TO TAXPAYERS…

Q: Victoria's 2019 tax return was due on April 15, 2020, but she did not file it until June 12, 2020.…

A: Penalties are levied on late tax return filings unless an extension is filed by the tax payer. These…

Q: A taxpayer has unutilized or excess Creditable Withholding Taxes (CWT) for the taxable year 2019.…

A: Withhold taxes The term withhold taxes which can be described as portion of amount which can be…

Q: During 2020, John Martin is a resident of Ontario and has calculated his taxable income to be…

A: Federal tax is paid by the individual to the government on the income earned. It is an income for…

Q: Norman Foster filed his 2020 tax return as was required on June 15, 2021. His Notice of Assessment…

A: The “notice of objection” can be filed by the taxpayers if they found that the mail they received is…

Q: Victoria's 2019 tax return was due on April 15, 2020, but she did not file it until June 12, 2020.…

A: A tax is referred to as a charge on the income earned by the corporation and individuals. The tax is…

Q: A single taxpayer has the following information for 2020: AGI State income taxes State sales tax…

A: Introduction: A taxpayer is any individual or corporate organization that pays taxes to the federal,…

Q: How much is the gross income under accrual basis? A taxpayer engaged in service business provides…

A: Accrual Income - It the amount of revenue recorded when transaction occur but payment not received…

Q: Indicate the date that the statute of limitations would run out on each of the following 2018…

Q: taxpayer received a notice from the BIR to file his 2019 income tax return not later than January…

A: Taxpayers are allowed for deductions of investment expenses and miscellaneous itemized deductions…

Q: On 30 June 2020, an employee has been paid a total of $60,000 in salary payments, yet will only…

A: Tax on salary is charged based on the principle of ‘due or receipt basis’, whichever is earlier. For…

Q: . A taxpayer forgot to file and pay his annual income tax return for the year 2019. He only recalled…

A: For computing interest the days of delinquency begin from the date when the tax return is to be…

Q: Norman Foster filed his 2021 income tax return as was required on June 15, 2022. His Notice of…

A: The above questions answer shown in the following steps for your reference.

Q: ited States Tax Law: Taxpayer has mortgage interest on a $1,000,000 loan of $20,000. This is on…

A: The interest paid on the mortgages are subjected to the interest deductions and up to certain limits…

Q: Annie files her 2020 tax return on April 15, 2021. On what date will the Statute of Limitations on…

A: As per Internal Revenue Service, If tax return due on April 15 if it files such return early or…

Q: Jasmine Dayne (29) is filing as a single taxpayer. In 2020, she received income from the following…

A: Introduction:-Jasmine Dayne (29), a single taxpayer, has filed her tax return. She earned money from…

Q: Sophie is a single taxpayer. For the first payroll period in July 2019, she is paid wages of $2,200…

A: Answer a: The total wage payment is $2,200 One allowance is $350 Amount subject to…

Q: Erin is self-employed for 2021. Erin estimates her required annual estimated tax payment for 2021 to…

A: Tax is considered as the amount that is paid by the taxpayers to the state or local government for a…

Question

A taxpayer filed his income tax return on June 30, 2019. The deadline for the return was April 15, 2019. If he has P40,000 net tax due, how much was the surcharge paid?

a. P20,000

b. P10,000

c. P8,000

d. P4,800

e. Answer not given

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Step 3

VIEW

Step by step

Solved in 3 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

Determine from the tax table in Appendix A the amount of the income tax for each of the following taxpayers for 2019:
Arthur Wesson, an unmarried individual who is age 68, reports taxable income of 510,000 in 2019. He records positive AMT adjustments of 80,000 and preferences of 35,000. Arthur itemizes his deductions, and his regular tax liability in 2019 is 153,694. a. What is Arthurs AMT? b. What is the total amount of Arthurs tax liability? c. Draft a letter to Arthur explaining why he must pay more than the regular income tax liability. Arthurs address is 100 Colonels Way, Conway, SC 29526.
How do the all events and economic performance requirements apply to the following transactions by an accrual basis taxpayer? a. The company guarantees its products for six months. At the end of 2019, customers had made valid claims for 600,000 that were not paid until 2020. Also, the company estimates that another 400,000 in claims from 2019 sales will be filed and paid in 2020. b. The accrual basis taxpayer reported 200,000 in corporate taxable income for 2019. The state income tax rate was 6%. The corporation paid 7,000 in estimated state income taxes in 2019 and paid 2,000 on 2018 state income taxes when it filed its 2018 state income tax return in March 2019. The company filed its 2019 state income tax return in March 2020 and paid the remaining 5,000 of its 2019 state income tax liability. c. An employee was involved in an accident while making a sales call. The company paid the injured victim 15,000 in 2019 and agreed to pay the victim 15,000 a year for the next nine years.
During 2019, Carl (a single taxpayer) has a salary of $91,500 and interest income of $11,000. Calculate the maximum contribution Carl is allowed for an educational savings account. $0 $400 $1,000 $2,000 Some other amount