Homework Answers
As per rules I am answering the first 4 subparts of the question
1: D
In 2018, E filing is made compulsory for corporations with annual revenue of more than 10 million. This may be done with magnetic media also
2: B
The first step is to file a formal notice of objection in Form 400A with the Canada Revenue Agency.Hence other options do not hold.
3: B
This is progressive taxation meaning higher income has higher taxes. Regressive is the opposite. Flat tax is the same tax for all. This is income tax and not GST which is applied on goods and services.
4: C
Any taxes due must be paid within 2 months of the fiscal year end.
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Which of the following are acceptable methods of filing a corporate tax return for a corporation...
The amounts shown on CRA instalment reminders are best described as ________. Choose the correct answer....
The amounts shown on CRA instalment reminders are best described as ________. Choose the correct answer. A. a payment amount an individual can make to be certain to avoid interest B. the maximum instalment that an individual can pay to avoid interest C. the minimum instalment that an individual can pay to avoid interest D. the amount an individual must pay to be compliant with instalment requirements
The amounts shown on CRA instalment reminders are best described as _____? Choose the correct answer....
The amounts shown on CRA instalment reminders are best described as _____? Choose the correct answer. A. the amount an individual must pay to be compliant with instalment requirements B. the minimum instalment that an individual can pay to avoid interest C. the maximum instalment that an individual can pay to avoid interest D. a payment amount an individual can make to be certain to avoid interest
a. Wilson filed his individual tax return on the original due date, but failed to pay...
a. Wilson filed his individual tax return on the original due date, but failed to pay $18,720 in taxes that were due with the return. If Wilson pays the taxes exactly 7 months late, calculate the amount of his failure-to-pay penalty. b. Joan filed her individual income tax return 4 months after it was due. She did not request an extension of time for filing. Along with her return, Joan remitted a check for $9,710, which was the balance of...
1a) 1B) Kevin and Laura are married and file a joint tax return. Together, their taxable...
1a)
1B)
Kevin and Laura are married and file a joint tax return. Together, their taxable income is $101,000. How much will they pay in taxes? (Round answers to O decimal place, e.g. 5275.) The amount of taxes they will pay is $ We were unable to transcribe this image
Problem 12-3 (Algorithmic) Interest and Penalties (LO 12.3) Compute the penalty described for the following taxpayers....
Problem 12-3 (Algorithmic) Interest and Penalties (LO 12.3) Compute the penalty described for the following taxpayers. If an amount is zero, enter "O". If required, round your answers to two decimal places. a. Wilson filed his individual tax return on the original due date, but failed to pay $2,220 in taxes that were due with the return. If Wilson pays the taxes exactly 11 months late, calculate the amount of his failure-to-pay penalty. b. Joan filed her individual income tax...
Mary Jarvis is a single individual who is working on filing her tax return for the...
Mary Jarvis is a single individual who is working on filing her
tax return for the previous year. She has assembled the following
relevant information:
She received $94,000 in salary.
She received $15,000 of dividend income.
She received $6,200 of interest income on Home Depot
bonds.
She received $23,000 from the sale of Disney stock that was
purchased 2 years prior to the sale at a cost of $6,100.
She received $11,500 from the sale of Google stock that was...
Problem 12-3 (Algorithmic) Interest and Penalties (LO 12.3) Compute the penalty described for the following taxpayers....
Problem 12-3 (Algorithmic) Interest and Penalties (LO 12.3) Compute the penalty described for the following taxpayers. If an amount is zero, enter "0". If required, round your answers to two decimal places. a. Wilson filed his individual tax return on the original due date, but failed to pay $21,220 in taxes that were due with the return. If Wilson pays the taxes exactly 13 months late, calculate the amount of his failure-to-pay penalty. $ Feedback b. Joan filed her individual...
Mary Jarvis is a single individual who is working on filing her tax return for the...
Mary Jarvis is a single individual who is working on filing her
tax return for the previous year. She has assembled the following
relevant information:
She received $70,000 in
salary.
She received $12,000 of
dividend income.
She received $8,300 of
interest income on Home Depot bonds.
She received $22,000 from the
sale of Disney stock that was purchased 2 years prior to the sale
at a cost of $6,500.
She received $11,500 from the
sale of Google stock that was...
Mary Jarvis is a single individual who is working on filing her tax return for the...
Mary Jarvis is a single individual who is working on filing her tax return for the previous year. She has assembled the following relevant information: • She received $139,000 in salary • She received $15,000 of dividend income. • She received $5,500 of interest income on Home Depot bonds. . She received $22,000 from the sale of Disney stock that was purchased 2 years prior to the sale at a cost of $5,200. • She received $12,000 from the sale...
Mary Jarvis is a single individual who is working on filing her tax return for the...
Mary Jarvis is a single individual who is working on filing her
tax return for the previous year. She has assembled the following
relevant information:
-She received $101,000 in salary.
-She received $18,000 of dividend income.
-She received $6,100 of interest income on Home Depot bonds.
-She received $22,500 from the sale of Disney stock that was
purchased 2 years prior to the sale at a cost of $9,000.
-She received $10,500 from the sale of Google stock that was...
1a)
1B)
Kevin and Laura are married and file a joint tax return. Together, their taxable income is $101,000. How much will they pay in taxes? (Round answers to O decimal place, e.g. 5275.) The amount of taxes they will pay is $ We were unable to transcribe this image
Problem 12-3 (Algorithmic) Interest and Penalties (LO 12.3) Compute the penalty described for the following taxpayers. If an amount is zero, enter "O". If required, round your answers to two decimal places. a. Wilson filed his individual tax return on the original due date, but failed to pay $2,220 in taxes that were due with the return. If Wilson pays the taxes exactly 11 months late, calculate the amount of his failure-to-pay penalty. b. Joan filed her individual income tax...
Mary Jarvis is a single individual who is working on filing her
tax return for the previous year. She has assembled the following
relevant information:
She received $94,000 in salary.
She received $15,000 of dividend income.
She received $6,200 of interest income on Home Depot
bonds.
She received $23,000 from the sale of Disney stock that was
purchased 2 years prior to the sale at a cost of $6,100.
She received $11,500 from the sale of Google stock that was...
Mary Jarvis is a single individual who is working on filing her
tax return for the previous year. She has assembled the following
relevant information:
She received $70,000 in
salary.
She received $12,000 of
dividend income.
She received $8,300 of
interest income on Home Depot bonds.
She received $22,000 from the
sale of Disney stock that was purchased 2 years prior to the sale
at a cost of $6,500.
She received $11,500 from the
sale of Google stock that was...
Mary Jarvis is a single individual who is working on filing her tax return for the previous year. She has assembled the following relevant information: • She received $139,000 in salary • She received $15,000 of dividend income. • She received $5,500 of interest income on Home Depot bonds. . She received $22,000 from the sale of Disney stock that was purchased 2 years prior to the sale at a cost of $5,200. • She received $12,000 from the sale...
Mary Jarvis is a single individual who is working on filing her
tax return for the previous year. She has assembled the following
relevant information:
-She received $101,000 in salary.
-She received $18,000 of dividend income.
-She received $6,100 of interest income on Home Depot bonds.
-She received $22,500 from the sale of Disney stock that was
purchased 2 years prior to the sale at a cost of $9,000.
-She received $10,500 from the sale of Google stock that was...
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