Homework Answers
| The additional payment of $1,000 would decrease Tungsten’s E & P |
| E & P would be decreased when the actual payment of tax is made. |
| Tungsten’s E & P would Decrease by $1,000 in 2020 |
| Option D is correct |
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Question 21 (2 points) Tungsten Corporation, a calendar year cash basis taxpayer, made estimated tax payments...
Pierre, a cash basis, unmarried taxpayer, had $4,670 of state income tax withheld during 2019. Also...
Pierre, a cash basis, unmarried taxpayer, had $4,670 of state income tax withheld during 2019. Also in 2019, Pierre paid $1,168 that was due when he filed his 2018 state income tax return and made estimated payments of $3,269 towards his 2019 state income tax liability. When Pierre files his 2019 Federal income tax return in April 2020, he elects to itemize deductions, which amount to $15,650, including the state income tax payments and withholdings, all of which reduce his...
Problem 17-26 (a) (LO. 6) Melinda, a cash basis, calendar year taxpayer, filed a 90-day extension for her Federal i...
Problem 17-26 (a) (LO. 6) Melinda, a cash basis, calendar year taxpayer, filed a 90-day extension for her Federal income tax return without any tax payment. She paid the taxes that were due when she filed the return 65 days after the due date. a. What penalty or penalties will Melinda incur? Melinda is liable for only the failure to pay penalty b. How much will she have to pay if her additional tax is $75,000? Disregard any interest she...
Exercise 10-17 (Algorithmic) (LO. 4) Pierre, a cash basis, unmarried taxpayer, had $5,150 of state income...
Exercise 10-17 (Algorithmic) (LO. 4) Pierre, a cash basis, unmarried taxpayer, had $5,150 of state income tax withheld during 2019. Also in 2019, Pierre paid $1,288 that was due when he filed his 2018 state income tax return and made estimated payments of $3,605 towards his 2019 state income tax liability. When Pierre files his 2019 Federal income tax return in April 2020, he elects to itemize deductions, which amount to $13,400, including the state income tax payments and withholdings,...
progresseralse Book Calculator Exercise 10-17 (Algorithmic) (LO. 4) Pierre, a cash basis, unmarried taxpayer, had $3,470...
progresseralse Book Calculator Exercise 10-17 (Algorithmic) (LO. 4) Pierre, a cash basis, unmarried taxpayer, had $3,470 of state income tax withheld during 2019. Also in 2019, Pierre paid $868 that was due when he filed his 2018 state income tax return and made estimated payments of $2,429 towards his 2019 state income tax liability. When Pierre files his 2019 Federal income tax return in April 2020, he elects to itemize deductions, which amount to $16,550, including the state income tax...
Victoria, age 66, is an unmarried, cash basis, calendar year taxpayer with no dependents. Victoria has...
Victoria, age 66, is an unmarried, cash basis, calendar year taxpayer with no dependents. Victoria has the following income and deductions for 2019: RECEIPTS FOR YEAR Salary from local school district $ 63,000 Interest from Friendly Bank 1,235 Interest from City of Santee bonds 1,100 Dividends from Tandem Diabetic (qualified) 375 Loss from sale of Tandem Diabetic held 36 months - 3,200 EXPENDITURES FOR YEAR Itemized deductions $ 13,200 Calculate Victoria’s adjusted gross income, taxable income, and federal income tax....
BZD, a calendar year corporation, made the following year-end accruals for 2019 financial statement purposes: a....
BZD, a calendar year corporation, made the following year-end accruals for 2019 financial statement purposes: a. $73,000 expense and $73,000 liability for unpaid December salaries. BZD paid the entire liability to its employees before the end of January 2020. Determine how much of the accrued expense is deductible on BZD's 2019 federal tax return. b. $76,000 expense and $76,000 liability for the CEO's 2019 bonus. BZD paid $38,000 to the CEO on March 1, 2020, and the remaining $38,000 on...
At the beginning of the year, Myrna Corporation (a calendar year taxpayer) holds E & P...
At the beginning of the year, Myrna Corporation (a calendar year taxpayer) holds E & P of $87,900. The corporation generates no additional E & P during the year. On December 31, the corporation distributes $131,850 to its sole shareholder, Abby, whose stock basis is $26,370. How does the Federal income tax law treat this distribution? As a result the distribution Abby has the following: • Dividend income:_____ $ • Return of capital: _____ $ • Capital gain:_____ $ •...
Accounting for personal income taxes Saralisa City, which operates on a calendar year basis, obtains 40...
Accounting for personal income taxes Saralisa City, which operates on a calendar year basis, obtains 40 percent of its revenues from personal income taxes. Employers are required to withhold taxes from the earnings of city residents and remit them to the city monthly City residents must also make payments, if necessary, with quarterly tax estimates. No later than April 15 of the following year, residents must file tax retums, remitting any additional taxes due to the city or claiming refunds...
Theresa; a calendar year, cash basis taxpayer, had the following transactions during 2019: On March 31,...
Theresa; a calendar year, cash basis taxpayer, had the following transactions during 2019: On March 31, 2019, she sold a corporate bond for $9,800. She purchased the bond on July 1, 2014 for $10,000. The sales price of $9,800 included $200 of accrued interest. On January 1, 2019, she began receiving payments from an annuity contract she purchased for $100,000. Under the terms of the contract, she will receive $500 per month for her life. The IRś table indicated her...
Need help please! Brad, who uses the cash method of accounting, lives in a state that...
Need help please!
Brad, who uses the cash method of accounting, lives in a state that imposes an income tax (including withholding from wages). On April 14, 2019, he files his state return for 2018, paying an additional $600 in state income taxes. During 2019, his withholdings for state income tax purposes amount to $3,550. On April 13, 2020, he files his state return for 2019 claiming a refund of $800. Brad receives the refund on June 3, 2020. If...
Pierre, a cash basis, unmarried taxpayer, had $4,670 of state income tax withheld during 2019. Also in 2019, Pierre paid $1,168 that was due when he filed his 2018 state income tax return and made estimated payments of $3,269 towards his 2019 state income tax liability. When Pierre files his 2019 Federal income tax return in April 2020, he elects to itemize deductions, which amount to $15,650, including the state income tax payments and withholdings, all of which reduce his...
Problem 17-26 (a) (LO. 6) Melinda, a cash basis, calendar year taxpayer, filed a 90-day extension for her Federal income tax return without any tax payment. She paid the taxes that were due when she filed the return 65 days after the due date. a. What penalty or penalties will Melinda incur? Melinda is liable for only the failure to pay penalty b. How much will she have to pay if her additional tax is $75,000? Disregard any interest she...
Exercise 10-17 (Algorithmic) (LO. 4) Pierre, a cash basis, unmarried taxpayer, had $5,150 of state income tax withheld during 2019. Also in 2019, Pierre paid $1,288 that was due when he filed his 2018 state income tax return and made estimated payments of $3,605 towards his 2019 state income tax liability. When Pierre files his 2019 Federal income tax return in April 2020, he elects to itemize deductions, which amount to $13,400, including the state income tax payments and withholdings,...
progresseralse Book Calculator Exercise 10-17 (Algorithmic) (LO. 4) Pierre, a cash basis, unmarried taxpayer, had $3,470 of state income tax withheld during 2019. Also in 2019, Pierre paid $868 that was due when he filed his 2018 state income tax return and made estimated payments of $2,429 towards his 2019 state income tax liability. When Pierre files his 2019 Federal income tax return in April 2020, he elects to itemize deductions, which amount to $16,550, including the state income tax...
BZD, a calendar year corporation, made the following year-end accruals for 2019 financial statement purposes: a. $73,000 expense and $73,000 liability for unpaid December salaries. BZD paid the entire liability to its employees before the end of January 2020. Determine how much of the accrued expense is deductible on BZD's 2019 federal tax return. b. $76,000 expense and $76,000 liability for the CEO's 2019 bonus. BZD paid $38,000 to the CEO on March 1, 2020, and the remaining $38,000 on...
Accounting for personal income taxes Saralisa City, which operates on a calendar year basis, obtains 40 percent of its revenues from personal income taxes. Employers are required to withhold taxes from the earnings of city residents and remit them to the city monthly City residents must also make payments, if necessary, with quarterly tax estimates. No later than April 15 of the following year, residents must file tax retums, remitting any additional taxes due to the city or claiming refunds...
Theresa; a calendar year, cash basis taxpayer, had the following transactions during 2019: On March 31, 2019, she sold a corporate bond for $9,800. She purchased the bond on July 1, 2014 for $10,000. The sales price of $9,800 included $200 of accrued interest. On January 1, 2019, she began receiving payments from an annuity contract she purchased for $100,000. Under the terms of the contract, she will receive $500 per month for her life. The IRś table indicated her...
Need help please!
Brad, who uses the cash method of accounting, lives in a state that imposes an income tax (including withholding from wages). On April 14, 2019, he files his state return for 2018, paying an additional $600 in state income taxes. During 2019, his withholdings for state income tax purposes amount to $3,550. On April 13, 2020, he files his state return for 2019 claiming a refund of $800. Brad receives the refund on June 3, 2020. If...
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