A taxpayer is required to make estimated tax payments due on Form 1040ES and he paid first 3 payments by 4th, 6th, and 9th month. By what date is he required to make the last payment?
Dec-31
Mar-15
Jan-15
Apr-15
Payment = Due date
1st payment = April 15th
2nd payment = June 15th
3rd Payment = September 15th
4th payment = January 15th (following year)
So, Tax payer is required to make the last payment by January - 15
Option '3' is correct
A taxpayer is required to make estimated tax payments due on Form 1040ES and he paid...
An estate is required to make estimated payments for any tax year ending two or more years after the decedent's date of death unless: * The estate had no tax liability in the preceding year, and the preceding year was at least six months. There are more than three beneficiaries. The balance due is less than $1,000, and the amount paid through withholding and credits is less than 90% of the current year's tax and less than 100% of the...
A capital lease agreement for equipment requires Granger Transport Ltd. to make 10 annual payments of $40,000, with the first payment due on January 2, 2014, the date of the inception of the lease. The present value of the nine future lease payments at 10 percent is $230,360. Required 1. Calculate the present value of the lease at 5 percent if your instructor has taught present value. 2. Journalize the following lessee transactions: 2014 Jan. 2 Beginning of lease term...
An initial estimated tax voucher would not be required on a date after April 15 if the taxpayer _______. Runs a seasonal business and does not receive any income not subject to withholding until July. Wins the lottery in September. Loses custody of a child and the expectation of the Child Tax Credit in April. Decreases their withholding allowances on their Form W-4 in October.
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The following transactions of Penny and Dime Marine...
40913 is incorrect. find answer using this formula.
Will must make quarterly estimated income tax payments to the Internal Revenue Service. The amounts and timing of these payments are shown below. Also shown are the monthly interest rates that apply to each interval of time. What is the P-equivalent of Will's payments on January 15? Jan. 15 April 15 June 15 Sept. 15 mo. mo. mo. $9,000 $11,000 $12,000 $9,000 The P-equivalent of Will's payments on January 15 is $...
On Dec. 15, 2019, Julie’s Tax Prep, a cash-method taxpayer,
prepaid $4,000 worth of deductible interest on a business loan. The
interest won’t accrue until January 2020.
Julie’s Tax Prep will be displaying for the first time at a
trade show in July 2020. On Dec. 16, 2019, Julie’s prepaid the
$8,000 trade show booth rental expense. The payment isn’t due until
May 2020, and use of the booth will occur in July 2020.
In addition, On Dec. 28, 2019,...
Violet's tax liability was $5,000 and withheld tax and estimated tax payments were $4,500. He had not applied for extension and filed his tax return 8 months after the due date. Which of the following statements is correct regarding penalty for failure to file a tax return? No penalty is applicable as the tax due is less than $1,000. A minimum penalty of $100 may be assessed. Penalty is applicable on $5,000. Penalty is applicable on $500 tax due.
On Dec. 15, 2019, Julie's Tax Prep, a cash-method taxpayer, prepaid $4,000 worth of deductible interest on a business loan. The interest won't accrue until January 2020. Julie's Tax Prep will be displaying for the first time at a trade show in July 2020. On Dec. 16, 2019, Julie's prepaid the $8,000 trade show booth rental expense. The payment isn't due until May 2020, and use of the booth will occur in July 2020. In addition, On Dec. 28, 2019,...
Will must make quarterly estimated income tax payments to the Internal Revenue Service. The amounts and timing of these payments are shown below. Also shown are the monthly interest rates that apply to each interval of time. What is the P-equivalent of Will's payments on January 15? Jan. 15 April 15 June 15 Sept. 15 i= 1/4% i=112% ;= 3/4% mo. mo. mo. $8,000 $10,000 $11,000 $8,000 The P-equivalent of Will's payments on January 15 is $ . (Round to...
On Dec. 15, 2019, Julie’s Tax Prep, a cash-method taxpayer, prepaid $4,000 worth of deductible interest on a business loan. The interest won’t accrue until January 2020. Julie’s Tax Prep will be displaying for the first time at a trade show in July 2020. On Dec. 16, 2019, Julie’s prepaid the $8,000 trade show booth rental expense. The payment isn’t due until May 2020, and the use of the booth will occur in July 2020. In addition, On Dec. 28,...