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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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Roland works as a researcher for his manufacturing firm. He has conducted primary research to collect relevant market research data that will help his firm. He decided to use mathematical and statistical tools to analyze the data because the data is in nature.

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For the most recent year, Camargo, Inc., had sales of $546,000, cost of goods sold of $244,410, depreciation expense of $61,900,
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Explanation:

As we know that time interest earned ratio = Income before interest and taxes / interest expense.

Sales                                                                                           = 546000

less: cost of goods sold                                                            =  (<u>244410</u>)

            Gross profit                                                                       301590

Less: <u>expenses</u>

          Depreciation expense                                                      =( <u>61900   </u>)    

         Profit before interest and taxes                                         239690

Less: tax

      (239690 * 23%)                                                                =   (<u>55128</u>)            

                         Profit                                                                   184562

Profit - Retained earning Addition  = Interest

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7 0
3 years ago
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The price elasticity of a good will tend to be larger if the fewer number of substitute goods will be  available.

The cross elasticity of demand for substitute goods is always positive because the demand of one good increases at the time when the price for the substitute good increases however the cross elasticity of demand for complementary goods is always negative.

For example, if the price of coffee rises, the quantity demanded for tea which is the best  substitute of coffee beverage will increase as consumers will switch to a less expensive but the  substitutable alternative.

This is reflected in the cross elasticity of the demand formula, as both the numerator  which is the percentage change in the demand of tea and denominator which is the price of coffee  shows a positive increase.

To know more about price elasticity of demand here:

brainly.com/question/13565779

#SPJ4

7 0
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