Can he revoke his registration the following year opts to pay decides that he wants revert back as percentage taxpayer? Explain your answer.
Q: Mr. B, a resident Filipino, married having 5 dependent children, reported the following income and…
A: Mr. B, a resident Filipino and married having 5 dependent children. For taxable year 2019, 1. Net…
Q: Nicanor, having a capital of Php 100,000, filed as a non-VAT taxpayer in 2019. The following is a…
A: Taxes are pressured contributions imposed via way of means of a central authority corporation on…
Q: What is Suzanne's qualified business income deduction if the facts are the same except that the…
A: Deduction of Qualified Business Income: An individual is allowed to deduct up to 20 % of qualified…
Q: alex leases a building to a client. During the year, he received the following remittance from the…
A: Calculation of Gross Income: Rental : Gross amount will be included in gross income Real Property…
Q: Tim, a single taxpayer, operates a business as a single-member LLC. In 2021, his LLC reports…
A: a) Calculation of Excess loss An excess business loss is the amount by which the total deductions…
Q: Gary owns a commercial building and leased his premises to John to conduct a bakery business. Under…
A: Lease: Lease is the process of lending the asset or property for a fixed period. The lessor collects…
Q: Susan, a single taxpayer, owns and operates a bakery (as a sole proprietorship). The business is not…
A: Taxable income:-It is an income that is liable for tax payment as per the slab rate prescribed in…
Q: The taxpayer is a resident citizen and the taxable period is the 2nd quarter.…
A: On an accrual basis, An expense is charged in the profit and loss account that is incurred in the…
Q: Circular 230, Subpart B
A: As per Circular 230, Subpart B, a practitioner must inform IRS any information regarding client.
Q: For each of the following situations, indicate whether the taxpayer(s) is (are) required to file a…
A: Monica received $ 500 as unreported tip and owes Social Security taxes on these tips. Total income…
Q: Aliya files her current year tax return on June 18 of the following year. On October 8 she pays the…
A: Late filling Penalities Internal Revenue Service imposes the late penalities whether the taxpayer is…
Q: How much is the VAT payable as at January 31, 2020?
A: Vat payable amount is the amount which requires to be paid to the government or tax authority which…
Q: In Year 1, T (a cash method taxpayer) performs services for A worth $10,000, which A agrees to pay…
A: Tax: Tax is a financial charge imposed by the county's government on the income of the person, and…
Q: . Jack filed his tax return 8 months and 27 days late and did not request an extension of time for…
A: Workings: Jack filed his tax return 8 months and 27 days late Jack to Receive $ 9695 as refund in…
Q: [The following information applies to the questions displayed below.] Erin is considering switching…
A: It is given that the accounts receivable are $36800 and the accounts payable are 13500. So the…
Q: Corporation, a cash basis taxpayer, received $10,000 from a customer in 2019. In that year, the…
A: Whenever the taxes you had already paid exceed your entire tax burden, the government reimburses you…
Q: Jeremy is a calendar-year taxpayer who sometimes leases his business equipment to local…
A: Solution In accrual accounting concept, transactions are recorded when they are incurred rather than…
Q: Compute the penalty described for the following taxpayers. If an amount is zero, enter "0". If…
A: As per IRS, if any assessee fails to pay taxes till due date, then late payment penalty called…
Q: Jeremy earned $101,200 in salary and $6,600 in interest income during the year. Jeremy’s employer…
A: AGI deduction=0 Adjusted gross income=107800-0 =107800
Q: Compute the penalty described for the following taxpayers. If an amount is zero, enter "0". If…
A: The penalty is the excess amount that the taxpayer has to pay for the late payment of the tax…
Q: Jeremy is a calendar-year taxpayer who sometimes leases his business equipment to local…
A: Income under cash method is::$355 since it is received today the amount.. Income under Accrual…
Q: Until the time of the examination of its book, the taxpayer failed to withhold 10% withholding tax…
A: Withholding tax is aliability tobe fullfilled by the…
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: axpayer runs a greenhouse as a sole proprietorship using the accrual method. At the end of the…
A: The question is based on the concept of Taxation.
Q: If during the year, a taxpayer voluntarily opted to pay VAT even though his sales and receipts are…
A: A taxpayer voluntarily opted to pay VAT even though his sales and receipts are not expected to…
Q: Jane is a single taxpayer with a current year AGI of $181,000 and current year income tax liability…
A: Smallest amount of withholding is 90% of the tax for current year or 100% of tax shown on return in…
Q: This year William provided $4,200 of services to a large client on credit. Unfortunately, this…
A: Here in this question, we are required to answer what amount of deduction for bad debt can be…
Q: Bing, resident citizen, operated her online selling without permit to engage in business. During the…
A: Tax is the portion of income paid to the government.
Q: T uses frequent flyer miles to take his family on a vacation. T received the miles during business…
A: If an employer sponsors business travel essential to the performance of the duties, it does not…
Q: Jolene filed her tax return by its original due date but did not pay the $2,000 in taxes she owed…
A: Income tax: Income tax is a tax levied on an individual’s income (taxable income). It is a direct…
Q: Ms. Perry operates a convenience store while she offers bookkeeping services to her clients. In…
A: Tax Due = 8% x Taxable Income
Q: Louis files as a single taxpayer. In April of this year he received a $980 refund of state income…
A: Louis files as a single taxpayer. In April of this year he received a $980 refund of state income…
Q: Tim, a single taxpayer, operates a business as a single-member LLC. In 2020, his LLC reports…
A: Business income is the income realized from the operation of the entities. It is the net profit or…
Q: For the following taxpayers, indicate whether the taxpayer should file a tax return and why. c. Ty…
A: An income tax is a tax levied by the government on individuals or firms in respect of the income or…
Q: Mr. A is in the trading business. On June 2, 20A, he purchased an office equipment with a useful…
A: Tax is paid to the government calculated by the income eared by the company or an individual.
Q: K, a purely self-employed non-VAT taxpayer operating a merchandising business, had the following…
A: Purely self employed individual whose Gross Receipts and other non operating income do not exceed P…
Q: Kimberly is a self-employed taxpayer. She recently spent $3,300 for airfare to travel to Italy. What…
A: Total deductible amount is the total amount spent on the business operations.
Q: Julie filed a valid extension for her 2020 tax return, giving her until October 15, 2021, to file…
A: Income tax is the tax paid by an individual or an entity on the income earned in a particular year…
Q: Kate is an accrual basis, calendar-year taxpayer. On November 1, 2021, Kate leased out a building…
A: The question is related to the income from house property. The details are given. Monthly Rent =…
Q: Jeremy is a calendar-year taxpayer who sometimes leases his business equipment to local…
A: Income under cash method is:::$2100 Since income is recognised when cash is received..... Since…
Q: Tim, a single taxpayer, operates a business as a single-member LLC. In 2020, his LLC reports…
A: The threshold limit is $259,000 for 2020 as defined by IRS for single-member LLC. As per IRS, Form…
Q: Blackburn Corporation is a calendar year taxpayer. Every year on September 1, Blackburn enters into…
A: Blackburn corporation is a calendar year tax payer. Every year on September 1, Black burn enters…
Q: He belongs to a medical aid fund to which he contributed R3 000 per month to during the year of…
A: Introduction: When one account incurs expenditures or receives money on behalf of one or more other…
Q: , Martin had two employers during the year. Both employers withheld Social Security tax from his…
A: When an employee has social security tax which is more or RRCT tier 1 withheld , they can claim the…
Q: Jerry, a cash basis taxpayer, rents office space for his business. He pays $12,000 on September 1 of…
A: Under the cash method, expenses are allowed to be deducted when cash is paid for the expense…
Q: Assume that Joseph is a single taxpayer who does not itemize deductions and operates a sole…
A: Qualified business income (QBI) deduction: Qualified business income deduction is the amount that…
Q: Nicanor is a non-VAT taxpayer. During the year, he opted to change his status to VAT. His…
A: Answer: VAT rate applicable is 12% When there is transition any VAT from registered can be used as…
Q: Gary owns a commercial building and leased his premises to John to conduct a bakery business. Under…
A: Lease is an agreement between two parties under which one party grants the right to use the asset to…
Q: Sally McKrachen is a single young professional with a gross income of $51,000. Sally has no…
A: Taxable income is the income on which an individual pays tax. This is calculated by subtracting any…
Q: a. Wilson filed his individual tax return on the original due date, but failed to pay $270 in taxes…
A: A penalty is a fee levied by the IRS for failing to pay taxes by the yearly deadline or for failing…
If during the year, a radio broadcasting company voluntarily opted to pay VAT even though his sales and receipts are not expected to exceed P10M. Can he revoke his registration the following year opts to pay decides that he wants revert back as percentage taxpayer? Explain your answer.
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
- Suppose Ryan receives a CRA instalment reminder for the first quarter of the current year in the amount of $2,700. Ryan does not make any instalment payments during the current year. Ryan will not owe interest for a late instalment Choose the correct answer. O A. if Ryan has little to no income in the current year and his estimated taxes owing is $0 O B. if his taxes owing for the current year are $6,400 and his taxes owing for the previous year were $5,400 O C. if his taxes owing for the current year are $7,400 and his taxes owing for the previous year were $8,400 O D. regardless of any other factsIf during the year, a taxpayer voluntarily opted to pay VAT even though his sales and receipts are not expected to exceed P3M. Can he revoke his registration the following year opts to pay decides that he wants revert back as percentage taxpayer? Explain your answer.True or False Points paid in connection with the purchase of a second residence may be deducted in the year paid. Answer: Points paid to refinance a mortgage on a principal residence are fully deductible in the year paid. Answer: If an employee incurs travel expenditures and is fully reimbursed by the employer, neither the reimbursement nor the deduction is reported on the employeeʹs tax return if reporting is pursuant to an accountable plan. Answer: answer all 3
- Required information [The following information applies to the questions displayed below.] In January of year 0, Justin paid $8,800 for an insurance policy that covers his business property for accidents and casualties. Justin is a calendar-year taxpayer who uses the cash method of accounting. What amount of the insurance premium may Justin deduct in year O in each of the following alternative scenarios? Note: Leave no answers blank. Enter zero if applicable. d. Instead of paying an insurance premium, Justin pays $8,800 to rent his business property from April 1 of year 0 throug March 31 of year 1. Deductible amount! Required information [The following information applies to the questions displayed below.] In January of year 0, Justin paid $5,400 for an insurance policy that covers his business property for accidents and casualties. Justin is a calendar-year taxpayer who uses the cash method of accounting. What amount of the insurance premium may Justin deduct in year O in each of the following alternative scenarios? (Leave no answers blank. Enter zero if applicable.) a. The policy covers the business property from April 1 of year 0 through March 31 of year 1. Deductible amountWhich of the following taxpayers will have an adjustment on their Schedule CA (540), Part I, Section B? Delia, a non-military taxpayer, had qualified moving expenses that were not reimbursed. Elijah won $5,000 playing poker at a casino in Las Vegas. Rachel received alimony in 2021. Her marriage settlement agreement was signed on June 1, 2019. Sebastian paid alimony in 2021. His marriage settlement agreement was signed on June 1, 2019.
- ! Required information [The following information applies to the questions displayed below.] Alexa owns a condominium near Cocoa Beach in Florida. This year, she incurs the following expenses in connection with her condo: Insurance Mortgage interest Property taxes Repairs & maintenance Utilities Depreciation $ 2,050 7,450 4,200 650 4,650 23,700 During the year, Alexa rented out the condo for 137 days. Alexa's AGI from all sources other than the rental property is $200,000. Unless otherwise specified, Alexa has no sources of passive income. Assume that in addition to renting the condo for 137 days, Alexa uses the condo for 8 days of personal use. Also assume that Alexa receives $47,750 of gross rental receipts and her itemized deductions exceed the standard deduction before considering expenses associated with the condo and that her itemized deduction for non-home business taxes is less than $10,000 by more than the real property taxes allocated to rental use of the home. Answer the…T uses frequent flyer miles to take his family on a vacation. T received the miles duringbusiness travel paid for by his employer. The normal airfare for his vacation wouldhave cost $7,000.a. T must realize and recognize $7,000 as income.b. Although T has realized income, he will not be required to recognize it becausethe IRS has chosen, as a matter of administrative convenience, not to requiretaxpayers to recognize the value of frequent flyer tickets earned duringemployer-paid travel.c. Had T earned the frequent flyer miles during travel he had paid for himself, theissue of income realization and recognition would not arise.d. Both (a) and (c) are correct.e. Both (b) and (c) are correct. T buys a parcel of real estate for $100,000, which he finances by giving the seller a nonrecoursemortgage for the full purchase price. The debt is due in one balloon payment inYear 5. When the debt becomes due in Year 5, T decides to give the property back to theseller in satisfaction of the debt…What is the taxpayer's gross income in each of the following situations? Do not type a dollar sign. Use commas when appropriate as in 3,500. If the answer is zero, type a 0. a. Myra received a salary of $80,000 from her employer, Green Construction. b. In July, Green Construction gave Myra an all-expense-paid trip to Las Vegas (value of $3,200) for exceeding her sales goals. c. Darrin received $9,000 from his employer to help him pay his medical expenses not covered by insurance, this payment is not available to all employees. d. Blake received $5,000 from his deceased wife's employer to help him in his time of greatest need." e. Austin collected $50,000 as the beneficiary of a group term life insurance policy when his wife died. The premiums on the policy were paid by his deceased wife's employer.
- Compute the penalty described for the following taxpayers. If an amount is zero, enter "0". If required, round your answers to two decimal places. Question Content Area a. Wilson filed his individual tax return on the original due date, but failed to pay $2,310 in taxes that were due with the return. If Wilson pays the taxes exactly 3 months late (not over 60 days), calculate the amount of his failure-to-pay penalty.$fill in the blank b. Joan filed her individual income tax return 5 months after it was due. She did not request an extension of time for filing. Along with her return, Joan remitted a check for $725, which was the balance of the taxes she owed with her return. Disregarding interest, calculate the total penalties that Joan will be required to pay, assuming the failure to file was not fraudulent.$fill in the blankOn 1 April 2019, Mia accepts an offer of employment from Priceline Pty Ltd. Her salary package includes a company car worth $55,000 Throughout the FBT year Mia paid $3,500 for petrol. Mia did not keep a logbook. Priceline is entitled to claim input taxed credits for GST purposes. Required: Advise Priceline Pty Ltd as to the relevant section of the FBTAA to apply... then show the relevant formula and... then calculate the fringe benefits tax payable (rounded to the nearest dollar) for the 2020 FBT year.In January of year 0, Justin paid $6,200 for an insurance policy that covers his business property for accidents and casualties. Justin is a calendar-year taxpayer who uses the cash method of accounting. What amount of the insurance premium may Justin deduct in year O in each of the following alternative scenarios? (Leave no answers blank. Enter zero if applicable.) d. Instead of paying an insurance premium, Justin pays $6,200 to rent his business property from April 1 of year 0 through March 31 of year 1. Deductible amount