A taxpayer received a notice from the BIR to file his 2020 income tax return not later than January 15, 2022. The tax due per his return is P100,000. What is his total interest penalty? P6,500 P14,740 P7,900
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- 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 amountIn 2019, what is the top tax rate for individual long-term capital gains and the top tax rate for long-term capital gains of collectible items assuming that the Medicare tax does not apply. 10; 20 20; 28 15; 25 25; 28LO.2 Osprey Corporation, an accrual basis taxpayer, had taxable income for 2019 and paid 40,000 on its estimated state income tax for the year. During 2019, the company received a 4,000 refund upon filing its 2018 state income tax return. The company filed its 2019 state income tax return in August 2020 and paid the 7,000 state income tax due for 2019. In December 2019, the company received a notice from the state tax commission that an additional 6,000 of income tax was due for 2017 because of an error on the return. The company acknowledged the error in December 2019 and paid the additional 6,000 in tax in February 2020. What is Ospreys 2019 Federal income tax deduction for state income taxes?
- 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.LO.2, 3, 4, 5, 6, 7 For calendar year 2019, Stuart and Pamela Gibson file a joint return reflecting AGI of 350,000. Their itemized deductions are as follows: Calculate the amount of itemized deductions the Gibsons may claim for the year.The taxpayer performs services with payment due from the customer within 30 days. All customers pay within the time limit. What would be the benefit to the taxpayer using the cash method of accounting rather than the accrual method?
- A taxpayer filed his income tax return in October 28, 2018. The deadline for the return was April 15, 2022. If he has P40,000 net tax due, compute the penalties in the form of interest. What is the total surcharge penalty? P0 P10,000 P8,000 P20,000 add explanation thankssssA taxpayer received a notice from the BIR to file his 2019 income tax return not later than January 15, 2021. The tax due per his return is P80,000. How much is the surcharge penalty? a. P9,600 b. P20,000 c. P40,000 d. P16,000 e. Answer not givenA taxpayer received a notice from the BIR to file his 2020 income tax return not later than January 15, 2022. The tax due per his return is P100,000. What is the total surcharge penalty? P0 P25,000 P20,000 P50,000 ADD EXPLANATION THANKS