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steposvetlana [31]
3 years ago
10

taxpayer filed his income tax return after the due date but neglected to file an extension form. The return indicated a tax liab

ility of $50,000 and taxes withheld of $45,000. On what amount would the penalties for late filing and late payment be computed?
Business
1 answer:
Nataliya [291]3 years ago
4 0

Answer:

amount will penalties for late filing and late payment is $5,000

Explanation:

given data

tax liability = $50,000

taxes withheld = $45,000

solution

As late filing and late payment penalty is base on amount of net tax due

so late filing and late payment penalty will be

late filing and late payment penalty = tax liability - taxes withheld

late filing and late payment penalty = $50,000 - $45,000

late filing and late payment penalty = $5000 owed

and

negligence penalty 20% with understatement tax is disregard as any careless and  reckless  or intentional is not unintentional disregard of tax rules and regulation

so correct answer is $5,000

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What do you call that carbon copy paper where what you write on the top sheet transfers to the other sheets?
Minchanka [31]
That type of paper is called carbonless copy paper, or non-carbon copy paper, or NCR Paper (= no carbon required). 
You use it when you don't want to copy the same thing twice, or three times, or more, so you just take this paper, with some papers underneath it, and write on the first paper, and everything you write will be transferred onto those papers below it.
4 0
3 years ago
You are given the following information for Watson Power Co. Assume the company’s tax rate is 24 percent. Debt: 14,000 6.3 perce
Alenkinab [10]

Answer:

10.18%

Explanation:

The computation of the WACC is shown below:

But before that following calculation is to be done

The value of debt is

= 14000 × $1,000 × 107%

= $14,980,000

The value of equity is

= 470,000 × $65

= $30,550,000

The value of preferred stock is

= 20,500 × $86

= $1,763,000

Now

value of total capital is

= $14,980,000  + $30,550,000 + $1,763,000

= $47,293,000

Now we find the cost of debt using excel function i.e.

= RATE(nper,pmt,pv,fv)) × 2

= RATE(29 × 2,1000 × 6.3% ÷ 2,-1000 × 107%,1000)) ×2

= 5.80%

Now  

Cost of common stock is

= 5.2% + 1.16 × 7%

= 13.32%

cost of preferred stock is

= (100 × 4.1%) ÷ 86

= 4.77%

Now finally  

WACC = weight of debt × cost of debt ×(1 - tax rate) + weight of equity × cost of equity + weight of preferred stock ×cost of preferred stock

= ($14,980,000 ÷ $47,293,000) × 5.80% × (1  - 24%)+($30,550,000 ÷ $47,293,000) × 13.32% + ($1,763,000 ÷ $47,293,000) ×4.77%

= 10.18%

5 0
3 years ago
According to Redpath and Greg Urban, what is the threshold amount for determing if a substantial basis adjusment is mandatory?
Nataly_w [17]

Answer: According to Ian Redpath and Greg Urban, the threshold amount required for conclusively stating whether a substantial basis adjustment is mandatory is $250,000. The amount required is $250,000 in order for one to  know whether they are in need for a substantial basis reduction or maybe not. It's required when the amount indeed exceeds $250,000.

5 0
3 years ago
Read 2 more answers
Joey cuts lawns during the summer. Let q equal the number of acres mowed per day, and let L equal the number of hours worked per
Anna71 [15]

Answer:

The answer is B.

Explanation:

Marginal Productivity can be described as when every variable in the equation is held constant, it is the amount of productivity gained for every extra hour of labor that is put in.

And according to the information about Joey and his productivity cutting the lawns, we are provided the equation q = 0.2*L which means that for every extra hour Joey works cutting the lawns, Joey's marginal productivity is going to decrease by 0.2 or 20% so the answer is B.

I hope this answer helps.

7 0
3 years ago
Read 2 more answers
The variable overhead rate is $9.30 per direct labor-hour. The company's budgeted fixed manufacturing overhead is $106,140 per m
Pani-rosa [81]

Answer:

Cash= 87,910 + 9.3*direct labor hour

Explanation:

Giving the following information:

The variable overhead rate is $9.30 per direct labor-hour. The company's budgeted fixed manufacturing overhead is $106,140 per month, which includes depreciation of $18,230.

Cash= (106,140 - 18,230) + 9.3*direct labor hour

Cash= 87,910 + 9.3*direct labor hour

8 0
3 years ago
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