A taxpayer does not have to pay estimated taxes if A. The taxpayer’s earned income credit...
A taxpayer does not have to pay estimated taxes if
A. The taxpayer’s earned income credit will exceed his or her tax liability for the current year.
B. The taxpayer’s tax liability for the previous year was less than $1,000.
C. The taxpayer’s withholding covers 90% of the tax liability for the previous year.
D. All of the answers are correct.
Homework Answers
A taxpayer does not have to pay estimated taxes if:-
A. The taxpayer’s earned income credit will exceed his or her tax liability for the current year.
Explanation:-
- In all the rest cases i.e tax liability for the previous year was less than $1,000. or withholding covers 90% of the tax liability for the previous year. The taxpayer will have to pay the estimated tax, unless the credit exceeds the tax liability. Previous year has nothing to do with the current year Tax.
Add Answer to:
A taxpayer does not have to pay estimated taxes
if
A. The taxpayer’s earned income credit...
[2] Ms. N, who is married, wants to file as a single person for the current...
[2] Ms. N, who is married, wants to file as a single person for the current year. Which of the following will prevent her from filing as a single person? A. Her spouse lived in her home for the final 6 months of the current year. B. She and her husband did not commingle funds for support purposes. C. She paid more than half the cost of keeping up her home for the tax year. D. Her home was, for...
As a wage earner, the taxpayer pays Federal income tax by having it withheld from his...
As a wage earner, the taxpayer pays Federal income tax by having it withheld from his or her pay during the year. The withholding is based on the number of allowances he or she claims when filing Form W-4 - Employee's Withholding Allowance Certificate, with an employer. All of the following are true regarding the completion of Form W-4 except: A. A taxpayer can claim any number of allowances B. If the taxpayer has not changed jobs, he or she...
8 Credits [1] If a taxpayer qualifies for the Earned Income Credit, such credit can be...
8 Credits [1] If a taxpayer qualifies for the Earned Income Credit, such credit can be subtracted from A. Gross income to arrive at adjusted gross income. B. Adjusted gross income to arrive at taxable income. C. The tax owed, or can result in a refund, but only if the taxpayer had tax withheld from wages. D. The tax owed, or can result in a refund, even if the taxpayer had no tax withheld from wages. [2] Which of the...
The use of the earned income credit could result in a taxpayer receiving a refund even...
The use of the earned income credit could result in a taxpayer receiving a refund even though he or she has not paid any income taxes. True False Select either "Yes" or "No" to indicate whether the statement is one of the rules that all taxpayers must meet in order to claim the earned income credit (EIC). a. AGI may not be higher than set limits b. Foreign income exclusion not permitted c. Investment income cannot exceed $3,500 (2018 limit)...
Jane is a single taxpayer with a current year AGI of $181,000 and current year income...
Jane is a single taxpayer with a current year AGI of $181,000 and current year income tax liability of $39,610. Her AGI in the prior year was $150,400 and prior year tax liability was $32,182. Jane earns her income ratably during the year. In order to avoid penalty, the smallest amount of required annual withholding and estimated payments is: a.$35,400 b.$32,182 c.$43,571 d.$35,649 e.$39,610
To figure whether she should pay estimated tax for 2018, Jane determines her expected adjusted gross...
To figure whether she should pay estimated tax for 2018, Jane determines her expected adjusted gross income (AGI) for 2018 will be $82,800. Her AGI for 2017 was $73,700. Her total tax on her 2017 return (Form 1040, line 61) was $9,001. Using the 2018 Estimated Tax Worksheet she figures her total 2018 estimated tax to be $11,015. Her tax expected to be withheld in 2018 is $10,000. She will file as head of household and expects no refundable credits...
ane is a single taxpayer with a current year AGI of $181,000 and current year income tax liability of $39,610. Her AGI i...
ane is a single taxpayer with a current year AGI of $181,000 and current year income tax liability of $39,610. Her AGI in the prior year was $150,400 and prior year tax liability was $32,182. Jane earns her income ratably during the year. In order to avoid penalty, the smallest amount of required annual withholding and estimated payments is: a. $35,649 b. $32,182 c. $39,610 d. $35,400 e. $43,571
A taxpayer is NOT eligible to claim the Earned Income Tax Credit (EITC) if they had...
A taxpayer is NOT eligible to claim the Earned Income Tax Credit (EITC) if they had investment income in 2019 totaling more than: $3,000 $3,350 $3,450 $3,600 To BIOGR In 2018, Kirsten and Jeff paid $2,000 of qualified domestic adoption expenses. The adoption did not become final until 2019, and they paid an additional $3,000 in qualified expenses that year. Their modifiechadjustedng gross income was $165,000. What is the maximum amount they may be eligible to claim for the Adoption...
For 2018, Randy, an unmarried taxpayer, has wages of $45,000. He has a significant amount of...
For 2018, Randy, an unmarried taxpayer, has wages of $45,000. He has a significant amount of income from dividends and interest and therefore expects to have a federal income tax liability of $18,000. His total federal income tax withholding for the year is $9,500. Randy had $100,000 of adjusted gross income and a federal tax liability of $11,000 on his 2017 return. To avoid a penalty for underpayment of estimated taxes, what is the minimum amount of total estimated tax...
Question 57 of 75 Can a taxpayer claim both the foreign earned income exclusion and the...
Question 57 of 75 Can a taxpayer claim both the foreign earned income exclusion and the foreign tax credit? O No, the taxpayer must choose one tax benefit or the other. O Yes, but the taxpayer cannot claim the credit for taxes paid on excluded income O Yes, but the taxpayer cannot claim the credit and exclusion on income from the same country O Yes, but the taxpayer cannot claim the credit and exclusion on income in the same category...
A taxpayer is NOT eligible to claim the Earned Income Tax Credit (EITC) if they had investment income in 2019 totaling more than: $3,000 $3,350 $3,450 $3,600 To BIOGR In 2018, Kirsten and Jeff paid $2,000 of qualified domestic adoption expenses. The adoption did not become final until 2019, and they paid an additional $3,000 in qualified expenses that year. Their modifiechadjustedng gross income was $165,000. What is the maximum amount they may be eligible to claim for the Adoption...
Question 57 of 75 Can a taxpayer claim both the foreign earned income exclusion and the foreign tax credit? O No, the taxpayer must choose one tax benefit or the other. O Yes, but the taxpayer cannot claim the credit for taxes paid on excluded income O Yes, but the taxpayer cannot claim the credit and exclusion on income from the same country O Yes, but the taxpayer cannot claim the credit and exclusion on income in the same category...
Most questions answered within 3 hours.
-
A sample of food (1.00 g) was mixed with appropriate amount of
water and titrated using...
asked 7 minutes ago -
Conformers:
list the following substituents in order from most equatorial
position preferring to least: (CH3)3, H,...
asked 8 minutes ago -
Twenty students took a test. The average grade was 86 with a
standard deviation of 9....
asked 18 minutes ago -
NP complete problem:
Big project problem. To finish the big project, you need to
finish X...
asked 12 minutes ago -
How much is the
multiplier?. Here are some facts about the economy of Inferior.
Marginal propensity...
asked 14 minutes ago -
What’s the allocation of the purchase price between newmont merger
goldcorp?
And does the merger adhere...
asked 14 minutes ago -
I am getting an error that the variable num was not declared in
the scope on...
asked 15 minutes ago -
Peroxyacetyl Nitrate (PAN) is formed by addition of NO2
to the corresponding peroxyacetyl radical. PAN is...
asked 19 minutes ago -
Suppose that at a large university 30% of students are involved
in intramural sports. If we...
asked 27 minutes ago -
Answer items 7 and 8 from the following information:
The mean for VO2max is 50 ml/kg/min...
asked 27 minutes ago -
The formation factor of a rock sample is 50. Calculate the
porosity if the sample is;...
asked 29 minutes ago -
If the anion in an insoluble salt is a conjugate base of a weak
acid, will...
asked 34 minutes ago