6. Which group tends to experience poverty most often?

3. This year, Paula and Simon (married filing jointly) estimate that their tax liability will be $200,000. Last year, their tota

choli [55]

Answer:

When a taxpayer has an underpayment of estimated tax or fall behind on his/her tax prepayment, then he/she is required to pay a penalty on Form 2210. This penalty is called underpayment penalty.

According to the tax laws, Mr. P and Ms. S can avoid an underpayment penalty if their withholding's and estimated tax payments equal or exceed one of the following two safe harbors:

90 percent of current tax liability ($200,000 x 90% = $180,000)
110 percent of previous year tax liability (110% x $170,000 = $187,000)

From the above calculation, it is clear that Mr. P and Ms. S's withholding's ($175,000) do not equal or exceed the amount of two safe harbors. So, they need to increase their withholding's or make estimated payments to avoid underpayment penalty.

If Mr. P and Ms. S increase their withholding's by $5,000 or make estimated payments of $1,250

per quarter ($5000/4), they can avoid the underpayment penalty.

Mr. Paula and Simon average gross income is greater than $150,000, so 110% is taken.

7 0

3 years ago

Read 2 more answers

What is the typical number of payments that can be made toward paying off a revolving credit loan?

lara [203]

THE ANSWER IS UNLIMITED

6 0

2 years ago

Read 2 more answers

The Net Present Value method of project evaluation is preferred over the Internal Rate of Return method because the Net Present

Leno4ka [110]

A because it’s right idkk o think it’s right I honestly guessed

4 0

2 years ago

Amount Number of units sold 11,000 Selling price per unit $ 16 Variable selling expense per unit $ 1 Variable administrative exp

german

Traditional income statement : Net operating income $47,000

Contribution income statement : Net operating income $25,000

1.

Traditional Income Statement

Sales (11,000 x $16) $176,000

Cost of goods sold

(9,000 + 87,000 - 25,000) ($71,000)

Gross Margin 105,000

Selling and administrative expenses:

Selling expense

(11,000 x 1) + 22,000 $33,000

Administrative expense

(11,000 x 1) + 14,000 $25000

Net operating income $47,000

2.

Contribution format income statement

Sales $176,000

Variable expenses:

Cost of goods sold 71,000

Selling expense 11,000

Administrative expense 11,000 ($93,000)

Contribution Margin $83,000

Fixed expenses:

Selling expense 33,000

Administrative expense 25,000 (58,000)

Net operating income $25,000

Learn more about preparation of income statement here : brainly.com/question/24498019

3 0

2 years ago

____ is a measure of the intensity of competitive behavior among companies in an industry. A. Bargaining power of firms B. Chara

MatroZZZ [7]

Answer:

The right answer is (B) Character of the rivalry.

8 0

3 years ago