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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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Which economic system leaves production decisions completely up to the producers? 1. mixed economy 2. command economy 3. planned
ozzi

Answer:

4. free-market economy

Explanation:

Free-market economy -

A free market refers to the economic system which depends on the demand and supply , where the control of government is nil , is referred to as free - market economy.

It helps to provide all the voluntary exchange occurring in the economy.

The range of the free market economy of a particular country , is present in between very large or completely black market.

Hence, from the given statement of the question,

The correct term is free - market economy.  

7 0
3 years ago
Stacey and Andrew each own one-half of the stock in Parakeet Corporation, a calendar year taxpayer. Cash distributions from Para
Fittoniya [83]

Answer:

Option 3

Explanation:

Earnings & profits (E&P) is the measure of a corporation’s economic ability to pay dividends to its shareholders. An up-to-date E&P calculation is important for many corporate transactions, including determining whether a distribution to shareholders is a taxable dividend.

The E&P allocated to Andrew's distribution

= 160,000 * 150,000/(350,000+150,000)

= 160,000 * 150,000/500,000

= 48,000

Option C

8 0
3 years ago
?_____ are responsible for developing operational plans. ?middle managers ?board of directors ?top managers ?lower-level manager
Gelneren [198K]
The answer is your last option: lower-level managers. Hope I helped! :)
7 0
3 years ago
When individuals not involved in the development process are asked to test the game, this is called
liq [111]

Answer:

Game testing

Explanation:

My answer is obvious with the explanation ^^^

7 0
2 years ago
Houpe Corporation produces and sells a single product. Data concerning that product appear below: Per Unit Percent of Sales Sell
jarptica [38.1K]

Answer:

Effect on income= -$2,100

Explanation:

Giving the following information:

Contribution margin $ 98

Increase in variable cost= $5

Increase in sales= 300 units

<u>To determine the effect on income, we need to use the following formula:</u>

Effect on income= increase in contribution margin for new sales - increase in variable costs

Effect on income= 300*93 - 6,000*5

Effect on income= -$2,100

3 0
2 years ago
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