Homework Answers
a) Paul has to pay the lesser of
90% of the Current Year Tax = 90% of $31,947 = $28,752.3
100% of the Previous Year Tax = $31,800
Since Paul has a withholding for 2019 of $28,200, it is deductable
against the estimated taxes
Therefore, Estimated Tax Payment = $28,752 - $28,200 = $552.3
b) On paying $800 per quarter Paul wouldn't have avoided the
estimated tax penalty.
Therefore the correct option is NO.
Add Answer to:
Table Tax for 2019
Paul has the following information: AGI for 2019 Withholding for 2019 Total...
Paul has the following information: AGI for 2019 Problem 2-44 (LO 2-6) Paul has the following...
Paul has the following information: AGI for 2019
Problem 2-44 (LO 2-6) Paul has the following information: AGI for 2019 Withholding for 2019 Total tax for 2018 Total tax for 2019 = $155,000 = $ 24,000 = $ 29,000 = $ 28,447 Required: a. How much must Paul pay in estimated taxes to avoid a penalty? (Round the final answer to nearest whole dollar amount.) Minimum estimated tax payment b. If Paul had paid $1,000 per quarter, would he have...
Paul has the following information: AGI for 2018 = $ 155,000 Withholding for 2018 = $...
Paul has the following information: AGI for 2018 = $ 155,000 Withholding for 2018 = $ 24,000 Total tax for 2017 = $ 29,000 Total tax for 2018 = $ 28,610 . How much must Paul pay in estimated taxes to avoid a penalty?
Millie’s 2019 tax liability is $41,293. Her AGI is greater than $150,000 m. Her 2019 withholding...
Millie’s 2019 tax liability is $41,293. Her AGI is greater than $150,000 m. Her 2019 withholding is $36,910. Her 2018 tax liability was $29,570. Does she owe an estimated tax penalty payment for 2019? Why or why not? - yes. She owes a penalty because her balance due is greater than $1000. - yes. She owes a penalty because she did not have at least 100% of her tax liability withheld during the year. - no. She does not owe...
Problem 26-31 (Algorithmic) (LO. 6) Trudy's AGI last year was $382,000. Her Federal income tax came...
Problem 26-31 (Algorithmic) (LO. 6) Trudy's AGI last year was $382,000. Her Federal income tax came to $114,600, which she paid through a combination of withholding and estimated payments. This year, her AGI will be $573,000, with a projected tax liability of $85,950, all to be paid through estimates. Note: Ignore the annualized income method. Do not round any division. Round each quarterly payment to the nearest whole dollar value. a. Trudy's total estimated tax payments are $ __________ under...
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...
Tax Season 2019 Please use 2019 Tax Rates Required information [The following information applies to the...
Tax Season 2019 Please use 2019 Tax Rates
Required information [The following information applies to the questions displayed below.] Jeremy earned $101,300 in salary and $7,300 in interest income during the year. Jeremy's employer withheld $11,000 of federal income taxes from Jeremy's paychecks during the year. Jeremy has one qualifying dependent child who lives with him. Jeremy qualifies to file as head of household and has $28,700 in itemized deductions. (Use the tax rate schedules.) b. Assume that in addition...
31. Paul, a calendar year single taspayer, has th ollwing information for 2018: AGI $175,000 State income taxes 13,500 State sales tax 3,000 Real estate taxes 18,900 Gambling losses (gambling gai...
31. Paul, a calendar year single taspayer, has th ollwing information for 2018: AGI $175,000 State income taxes 13,500 State sales tax 3,000 Real estate taxes 18,900 Gambling losses (gambling gains were S12,000) Paul's allowable itemized deductions for 2018 are: a. $10,000 b. $16,800. c. $39,200 d. $42,200. e. None of the above
31. Paul, a calendar year single taspayer, has th ollwing information for 2018: AGI $175,000 State income taxes 13,500 State sales tax 3,000 Real estate taxes 18,900...
2019 Tax Return for Paul and Donna
Paul and Donna Decker are married taxpayers, ages 44 and 42, respectively, who file a joint return for 2019. The Deckers live at 1121 College Avenue, Carmel, IN 46032.PaulDonnaSalary6800056000Federal tax withheld67706630State tax withheld14001100FICA52024284Social Security111-11-1112123-45-6789 Donna is the custodial parent of two children from a previous marriage who reside with the Deckers through the school year. The children, Larry and Jane Parker, reside with their father, Bob, during the summer. Relevant information for the children follows:LarryJaneAge1718Social123-45-6788123-45-6787Months spent99 Under the divorce decree,...
Given the following tax structure, Taxpayer Salary Total Tax Mae $10,000 $ 600 Pedro $20,000 ???...
Given the following tax structure, Taxpayer Salary Total Tax Mae $10,000 $ 600 Pedro $20,000 ??? a. What is the minimum tax that Pedro should pay to make the tax structure vertically equitable based on the tax rate paid? (Round your final answer to nearest whole dollar amount.) & Answer is complete but not entirely correct. Minimum $ 1,200 Ⓡ tax Given the following tax structure, Taxpayer Salary Total Tax Mae $10,000 $ 600 Pedro $20,000 ??? a. What is...
Given the following tax structure, Taxpayer Salary Mae $21,500 Pedro $ 46,000 Total tax $1,032 ???...
Given the following tax structure, Taxpayer Salary Mae $21,500 Pedro $ 46,000 Total tax $1,032 ??? a. What is the minimum tax that Pedro should pay to make the tax structure vertically equitable based on the tax rate paid? (Round your final answer to nearest whole dollar amount.) Minimum tax b. This would result in what type of tax rate structure? Tax rate structure
Paul has the following information: AGI for 2019
Problem 2-44 (LO 2-6) Paul has the following information: AGI for 2019 Withholding for 2019 Total tax for 2018 Total tax for 2019 = $155,000 = $ 24,000 = $ 29,000 = $ 28,447 Required: a. How much must Paul pay in estimated taxes to avoid a penalty? (Round the final answer to nearest whole dollar amount.) Minimum estimated tax payment b. If Paul had paid $1,000 per quarter, would he have...
Tax Season 2019 Please use 2019 Tax Rates
Required information [The following information applies to the questions displayed below.] Jeremy earned $101,300 in salary and $7,300 in interest income during the year. Jeremy's employer withheld $11,000 of federal income taxes from Jeremy's paychecks during the year. Jeremy has one qualifying dependent child who lives with him. Jeremy qualifies to file as head of household and has $28,700 in itemized deductions. (Use the tax rate schedules.) b. Assume that in addition...
31. Paul, a calendar year single taspayer, has th ollwing information for 2018: AGI $175,000 State income taxes 13,500 State sales tax 3,000 Real estate taxes 18,900 Gambling losses (gambling gains were S12,000) Paul's allowable itemized deductions for 2018 are: a. $10,000 b. $16,800. c. $39,200 d. $42,200. e. None of the above
31. Paul, a calendar year single taspayer, has th ollwing information for 2018: AGI $175,000 State income taxes 13,500 State sales tax 3,000 Real estate taxes 18,900...
Given the following tax structure, Taxpayer Salary Total Tax Mae $10,000 $ 600 Pedro $20,000 ??? a. What is the minimum tax that Pedro should pay to make the tax structure vertically equitable based on the tax rate paid? (Round your final answer to nearest whole dollar amount.) & Answer is complete but not entirely correct. Minimum $ 1,200 Ⓡ tax Given the following tax structure, Taxpayer Salary Total Tax Mae $10,000 $ 600 Pedro $20,000 ??? a. What is...
Given the following tax structure, Taxpayer Salary Mae $21,500 Pedro $ 46,000 Total tax $1,032 ??? a. What is the minimum tax that Pedro should pay to make the tax structure vertically equitable based on the tax rate paid? (Round your final answer to nearest whole dollar amount.) Minimum tax b. This would result in what type of tax rate structure? Tax rate structure
Most questions answered within 3 hours.
-
4. Without doing any calculations, predict whether the observed
∆T would increase, decrease or remain the...
asked 1 hour ago -
Based on the range, which of the following sets of scores has
the greatest variability? 3,...
asked 2 hours ago -
Ripples in a pond travel at a velocity of 3 m/s with one peak
passing a...
asked 2 hours ago -
A man stands on the roof of a building of height 13.0 mm and
throws a...
asked 2 hours ago -
The extent to which assets are financed by borrowed funds and
other liabilities is indicated by:...
asked 3 hours ago -
Explain in detail
Germany is the fifth largest economy
explain what goods and services Germany specializes...
asked 3 hours ago -
The density of platinum is 21.45 g/mL. If a cube of platinum
with a mass of...
asked 3 hours ago -
Accounts Receivable
Sales
A/R Posting
Extended Sales Invoice
Packing Slip
Compare invoice to packing slip 2...
asked 3 hours ago -
Michaella, age 23, is a full-time law student and is claimed by
her parents as a...
asked 3 hours ago -
Why are polymers not typically casted into products?
asked 3 hours ago -
When rolling a die 129 times, what is the probability of rolling
a 6 no more...
asked 4 hours ago -
4. A call option currently sells for $7.75. It has a strike
price of $85 and...
asked 3 hours ago