Ashley begins a very successful graphic design company on January 10, 2021. She decides not to incorporate and remains a sole proprietor, earning $80,000 in net business income. In the past she has never had business income, and is wondering if this will change, when she has to file her taxes. Her net tax owing in 2019 was $4,100 and in 2020 was $3,200. She expects her net owing in 2021 to be around $3,500 Required: Explain to Ashley if she will have to pay instalments? Explair to her whether instaliments are required, and if applicable, why 1 A- B 1 Provide your answer here:
Ashley begins a very successful graphic design company on January 10, 2021. She decides not to incorporate and remains a sole proprietor, earning $80,000 in net business income. In the past she has never had business income, and is wondering if this will change, when she has to file her taxes. Her net tax owing in 2019 was $4,100 and in 2020 was $3,200. She expects her net owing in 2021 to be around $3,500 Required: Explain to Ashley if she will have to pay instalments? Explair to her whether instaliments are required, and if applicable, why 1 A- B 1 Provide your answer here:
Chapter3: Business Income And Expenses
Section: Chapter Questions
Problem 8P: Martha is a self-employed tax accountant who drives her car to visit clients on a regular basis. She...
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Transcribed Image Text:Ashley begins a very successful graphic design company on January 10, 2021. She decides not to incorporate and remains a sole
proprietor, earning $80,000 in net business income. In the past she has never had business income, and is wondering if this will change,
when she has to file her taxes. Her net tax owing in 2010 was $4,100 and in 2020 was $3,200. She expects her net owing in 2021 to be
around $3,500
Required: Explain to Ashley if she will have to pay instalments? Explain to her whether instalments are required, and if applicable, why.
1 A BIG
Provide your answer here:
1. 9-
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ISBN:
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Author:
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Publisher:
CENGAGE LEARNING - CONSIGNMENT