In 2018, Phillip, who is single, has a comfortable salary from his job as well as...
In 2018, Phillip, who is single, has a comfortable salary from his job as well as income from his investment portfolio. However, he is habitually late in filing his federal income tax return. He did not file his 2018 income tax return until December 8 comma 2019 (due date was April 15, 2019) and no extensions of time to file the return were filed. Below are amounts from his 2018 return:
Requirement:
Has Phillip met all of his financial obligations to the IRS for2018?
If not, what additional amounts will Phillip be liable to pay to the IRS?
Homework Answers
No, Philip has not met all of his financial obligations to the IRS for 2018 since he would be required to pay a penalty for not filing the income tax return within the stipulated timeline.
The amount of penalty that Philip would be liable to pay is 25% of his unpaid taxes (since, the penalty for late filing of income tax return is 5% of unpaid taxes for each month or part of month upto a maximum of 25% of unpaid taxes. In this case, the due date of filing the return was April 15, 2019 but the return was filed on Dec 08, 2019 i.e. after 8 months or part of month, hence, the same falls under maximum penalty clause i.e. 25% of unpaid taxes).
Add Answer to:
In 2018, Phillip, who is single, has a comfortable salary
from his job as well as...
The assumptions are that the IRS rate is 5%, interest calculations are based on 365 days...
The assumptions are that the IRS rate is
5%, interest calculations are based on 365 days a year and the 2018
tax filed is accurate
The options for the boxes are penalty for fraud, accuracy
related penalty, interest, late filing : failure to file penalty,
late payment : failure to pay penalty
In 2018, Peter, who is single, has a comfortable salary from his job as well as income from his investment portfolio. However, he is habitually late in filing...
Frederick failed to file his 2018 tax return on a timely basis. In fact, he filed...
Frederick failed to file his 2018 tax return on a timely basis. In fact, he filed his 2018 income tax return on October 31, 2019, (the due date was April 15, 2019) and paid the amount due at that time. He failed to make timely extensions. Below are amounts from his 2018 return: Taxable income - $120,000; Total tax liability on taxable income - $28,346; Total tax withheld from his salary - $25,000. Frederick sent a check for $3,346 in...
1. In 2018 Michael has $90,000 in salary from his full-time job and net self-employment income...
1. In 2018 Michael has $90,000 in salary from his full-time job and net self-employment income of $40,000 from his sole proprietorship. What is his self-employment tax? How much of it can he deduct in arriving at his AGI? Show and label calculations. 2. There are many differences between financial accounting income and tax income and deductions. Which of the following is an example of a timing (temporary) difference? Business meals are 50% deductible for tax purposes. Municipal bond interest...
PI:2-41 (similar to) Question Help Brad and Michelle plan to marry in December 2018. Brad's salary...
PI:2-41 (similar to) Question Help Brad and Michelle plan to marry in December 2018. Brad's salary is $60,000 and he owns his residence. His itemized deductions total $19,000. Michelle's salary is $85,000. Her itemized deductions total only $8,300 as she does not own her residence. For purposes of this problem, assume 2019 tax rates and standard deductions are the same as 2018. (Click the icon to view the standard deduction amounts.) (Click the icon to view the 2018 tax rate...
jacob was on active duty in a combat zone from january 1 2017 untill june 30...
jacob was on active duty in a combat zone from january 1 2017 untill june 30 2018. jacob filed his 2017 federal income tax return on august 17, 2018. he was unable to file form 4868 for the 2017 return. jacob owed a balance due of 640 on his 2017 return. which of the following is true? a jacob may be assessed a penalty because he fil;ed the balance due 2017 tax return late b jacob was required by law...
Ashley is single and lives with Barney, her boyfriend, and Candy, his 8 year old daughter....
Ashley is single and lives with Barney, her boyfriend, and Candy, his 8 year old daughter. Ashley paid all of the support for her household in 2018. Barney has earned income of $2,500 and had income tax withheld form his wages. He has no other income and is not required to file an income tax return. with one qualifying child, Barney may claim an earn income credit. Barney files an income tax return solely to obtain a refund of withheld...
Income Tax Basic Tax Essentials: Penalties & Amended Returns (2017) 1*Mitchell waited until July 5, 2017,...
Income Tax Basic Tax Essentials: Penalties & Amended Returns (2017) 1*Mitchell waited until July 5, 2017, to file his 2016 Form 1040A return. He did request an extension and paid 90% of the anticipated balance due on April 18, 2017. His remaining balance due on his 2016 return is $88. What is his failure to file penalty? a)$205 b)$88 c)0 2*Joseline waited until December 12, 2017, to file her 2016 Form 1040A return. She did not request an extension. Her...
1) Max received an extension of time to file his 2018 income tax return. He did...
1) Max received an extension of time to file his 2018 income tax return. He did not pay any amount due with his extension. He finally filed his return on May 3, with a $900 balance due. How much must he pay in failure-to-file and failure-to-pay penalties? A) None, as long as he timely filed for the extension. B) A failure-to-pay penalty of 0.5%, but no failure-to-file penalty. C) A failure-to-file penalty of 5% plus a 0.5% failure-to-pay penalty for...
Lyle filed his original 2018 return on March 3, 2019 and paid the balance due at...
Lyle filed his original 2018 return on March 3, 2019 and paid the balance due at that time. After filing, he realized that he qualified to claim his nephew as a dependent. What is the last day that Lyle may file his amended return in order to receive a refund? April 15, 2020. March 3, 2022. April 15, 2022. March 2, 2024.
Sophia filed her 2018 return and paid the taxes on November 1, 2019. She did not have a valid extension of time to file...
Sophia filed her 2018 return and paid the taxes on November 1,
2019. She did not have a valid extension of time to file. In which
of the following situations would she most likely qualify for a
penalty exception
Question 56 of 65. Sofia filed her 2018 return and paid the taxes on November 1, 2019. She did not have a valid extension of time to file. In which of the following situations would she most likely qualify for a...
The assumptions are that the IRS rate is
5%, interest calculations are based on 365 days a year and the 2018
tax filed is accurate
The options for the boxes are penalty for fraud, accuracy
related penalty, interest, late filing : failure to file penalty,
late payment : failure to pay penalty
In 2018, Peter, who is single, has a comfortable salary from his job as well as income from his investment portfolio. However, he is habitually late in filing...
Frederick failed to file his 2018 tax return on a timely basis. In fact, he filed his 2018 income tax return on October 31, 2019, (the due date was April 15, 2019) and paid the amount due at that time. He failed to make timely extensions. Below are amounts from his 2018 return: Taxable income - $120,000; Total tax liability on taxable income - $28,346; Total tax withheld from his salary - $25,000. Frederick sent a check for $3,346 in...
PI:2-41 (similar to) Question Help Brad and Michelle plan to marry in December 2018. Brad's salary is $60,000 and he owns his residence. His itemized deductions total $19,000. Michelle's salary is $85,000. Her itemized deductions total only $8,300 as she does not own her residence. For purposes of this problem, assume 2019 tax rates and standard deductions are the same as 2018. (Click the icon to view the standard deduction amounts.) (Click the icon to view the 2018 tax rate...
Sophia filed her 2018 return and paid the taxes on November 1,
2019. She did not have a valid extension of time to file. In which
of the following situations would she most likely qualify for a
penalty exception
Question 56 of 65. Sofia filed her 2018 return and paid the taxes on November 1, 2019. She did not have a valid extension of time to file. In which of the following situations would she most likely qualify for a...
Most questions answered within 3 hours.
-
You are planning for retirement. You plan to work for 20 years.
Starting a year from...
asked 1 minute ago -
which of the following is capital?
the barn a farmer uses to hold the chickens he...
asked 2 minutes ago -
10. Two forces act on a 3 kg object, the gravitational force and
a second, constant...
asked 13 minutes ago -
Dividing Partnership Net Loss
Leigh Meadows and Byron Leef formed a partnership in which the
partnership...
asked 9 minutes ago -
Discuss how Entrepreneurial leadership style differs
from traditional leadership?
asked 35 minutes ago -
A futuristic design for a car is to have a large solid
disk-shaped flywheel within the...
asked 33 minutes ago -
Solid NaOH is added to a solution of 0.50 M acetic acid until
the pH of...
asked 37 minutes ago -
Which of the following statements is not a characteristic of the
Internal Revenue Code?
A) The...
asked 44 minutes ago -
Say true or false and explain it.
A heap is represented using an array. The array...
asked 54 minutes ago -
Explain how the DNA replication enzyme complex is organized and
functions, please don't copy paste from...
asked 54 minutes ago -
how
can personality contribute to one scoring high on the need to
evaluate measurement by Jarvis?
asked 55 minutes ago -
A high jumper is attempting to jump over a crossbar that is
placed at a height...
asked 59 minutes ago