If a taxpayer is due a refund, it will be mailed to the taxpayer regardless of...
If a taxpayer is due a refund, it will be mailed to the taxpayer regardless of whether he or she files a tax return.
True or False
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If a taxpayer is due a refund, it will be mailed to the taxpayer
regardless of...
QUESTION 1 Most taxpayers may deduct the standard deduction amount or the amount of their itemized...
QUESTION 1 Most taxpayers may deduct the standard deduction amount or the amount of their itemized deductions, whichever is higher. True False 1 points QUESTION 2 If a taxpayer is due a refund, it will be mailed to the taxpayer regardless of whether he or she files a tax return. True False 1 points QUESTION 3 Schedule 1 of Form 1040 is used to report: a. Joint return status. b. Salary income. c. Self-employment income. d. Withholding on wages. 1...
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)...
Even if a taxpayer did not receive a California Personal Income Tax Refund in the mail,...
Even if a taxpayer did not receive a California Personal Income Tax Refund in the mail, he or she may still receive Form 1099-G for all of the following reasons except: A. The refund was directly deposited into his or her bank accountB. The refund was offset for other liabilities such as tax, penalties and interestC. The refund was credited towards estimated tax paymentsD. The refund did not appear on the taxpayer’s bank statements
Based on the following information, what is the tax payable by or tax refund due to...
Based on the following information, what is the tax payable by or tax refund due to a single, resident taxpayer at the end of the 2018-2019 income year: 1.1 Interest received from a bank savings account, $450. Gross salary from employment, $50,000 PAYG on salary withheld by employer, $8,000. The taxpayer has sufficient private patient hospital insurance during the income year The taxpayer is 29 years old. . a. b. c. d. $8,000.00 refund $709.00 tax payable $56.75 refund $179.00...
Which of the following situations could prevent a taxpayer from receiving a refund to which they...
Which of the following situations could prevent a taxpayer from receiving a refund to which they are otherwise entitled? * Filing a return for a tax year for which the statute of limitations has not yet expired. Amending a return two years after the tax was paid, if paid after the filing date. Filing a return for a tax year for which the statute of limitations has expired. Amending a tax return three years after the original return was filed.
1. A taxpayer instructing her dividend checks to be mailed to her daughter and to use...
1. A taxpayer instructing her dividend checks to be mailed to her daughter and to use the daughter's social security number to report the dividend income as income on the daughter's tax return violates which doctrine? A Tax benefit rule. B. Constructive receipt doctrine. C. Assignment of income doctrine. D. Shifting doctrine. E. None of the choices are correct 2. Jim was issued a $500 fee to repair the sidewalk in front of his home. This is: A Not a...
answer question 19-55 19-55 Penalties. Compute the penalties in the following situations: a. Taxpayer A files...
answer question 19-55
19-55 Penalties. Compute the penalties in the following situations: a. Taxpayer A files a 2018 income tax return on April 15, 2019, showing a tax liability of $10,000 and a balance due of $1,000. A does not pay the $1,000 until June 30, 2019. b. Same as (a) except A does not pay the $1,000 balance due until April 1, 2022. c. Taxpayer B filed no 2018 income tax return until July 31, 2019. The return shows...
• Suppose you are in a hurry to get your income tax refund. • If you...
• Suppose you are in a hurry to get your income tax refund. • If you mail your tax return, you will receive your refund in 3 weeks. • If you file the return electronically through a tax service, you can get the estimated refund tomorrow. • The service subtracts a $50 fee and pays you the remaining expected refund. The actual refund is then mailed to the preparation service. Assume you expect to get a refund of $978. What...
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...
Janet thinks that she may have made an error on a Federal income tax (FIT) return...
Janet thinks that she may have made an error on a Federal income tax (FIT) return that she filed in a prior year, whereby she overpaid her FIT. If true, she would be entitled to a FIT refund if she files a timely amended FIT return claiming the refund. As she is not familiar with the FIT law, she contacts you because she would like to read the actual law in this area that specifies the time by which she...
Based on the following information, what is the tax payable by or tax refund due to a single, resident taxpayer at the end of the 2018-2019 income year: 1.1 Interest received from a bank savings account, $450. Gross salary from employment, $50,000 PAYG on salary withheld by employer, $8,000. The taxpayer has sufficient private patient hospital insurance during the income year The taxpayer is 29 years old. . a. b. c. d. $8,000.00 refund $709.00 tax payable $56.75 refund $179.00...
answer question 19-55
19-55 Penalties. Compute the penalties in the following situations: a. Taxpayer A files a 2018 income tax return on April 15, 2019, showing a tax liability of $10,000 and a balance due of $1,000. A does not pay the $1,000 until June 30, 2019. b. Same as (a) except A does not pay the $1,000 balance due until April 1, 2022. c. Taxpayer B filed no 2018 income tax return until July 31, 2019. The return shows...
• Suppose you are in a hurry to get your income tax refund. • If you mail your tax return, you will receive your refund in 3 weeks. • If you file the return electronically through a tax service, you can get the estimated refund tomorrow. • The service subtracts a $50 fee and pays you the remaining expected refund. The actual refund is then mailed to the preparation service. Assume you expect to get a refund of $978. What...
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...
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