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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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Answer:

medium of exchange hope this helps

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What are the positive feedbacks for NEWS ANCHORS?
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Answer:

Excellent verbal, written, improvisational, and interviewing skills are imperative. Add to those qualities persistence and objectivity, physical stamina, being a team player, projecting a professional image, and having a knowledge of social media. News anchors also need to be able to think on their feet.

4 0
3 years ago
N December 2, Coley Corp. acquired 1,700 shares of its $2 par value common stock for $21 each. On December 20, Coley Corp. resol
erma4kov [3.2K]

Answer:

Credit Treasury Stock $20,000

Explanation:

When the company reissued the shares, the Treasury Stock account is credited by the same price they were acquire. i.e. in this case we acquire the treasury stock at a price of $20.

Cash (1,000 * 12)                                    12,000

Additional Paid in Capital                        8,000

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6 0
3 years ago
Orion Iron Corp. tracks the number of units purchased and sold throughout each year but applies its inventory costing method at
balandron [24]

Answer:

Transactions Units Unit Cost

a. Inventory, Beginning 300 $ 14

b. Purchase, April 11 950 12

c. Purchase, June 1 850 15

d. Sale, May 1 (sold for $42 per unit) 300

e. Sale, July 3 (sold for $42 per unit) 630

f. Operating expenses (excluding income tax expense), $18,200

1 and 2) When you use a periodic inventory method, cost of goods available for sale and ending inventory are the same. They differ only when you use a perpetual inventory.

ending inventory = 1,170 units

Ending inventory under FIFO:

$28,350 - $11,760 = $16,590

Ending inventory under LIFO:

$28,350 - $13,710 = $14,640

Ending inventory under weighted average:

$28,350 - $12,555 = $15,795

3) total units sold = 930 units

COGS under FIFO:

(300 x $14) + (630 x $12) = $11,760

COGS under LIFO:

(850 x $15) + (80 x $12) = $13,710

COGS under weighted average:

($28,350 / 2,100) x 930 = $12,555

4) Income statement under FIFO

Sales revenue                  $39,060

COGS                                <u>($11,760)</u>

Gross profit                       $27,300

Operating expenses       <u>($18,200)</u>

Operating income              $9,100

Income statement under LIFO

Sales revenue                  $39,060

COGS                                <u>($13,710)</u>

Gross profit                       $25,350

Operating expenses       <u>($18,200)</u>

Operating income               $7,150

Income statement under weighted average

Sales revenue                  $39,060

COGS                               <u>($12,555)</u>

Gross profit                       $26,505

Operating expenses       <u>($18,200)</u>

Operating income              $8,305

6) FIFO minimizes operating income, therefore, minimizes income tax expense.

4 0
3 years ago
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Lana71 [14]

Sales salaries are expensed at the time they are incurred.

In 2020, the average sales representative's salary was $73,500. In 2020, the average salaries for comparable jobs were $147,580 for a sales manager, $69,100 for an insurance salesman, $62,990 for a realtor, and $30,940 for a retail salesperson yes you can be a millionaire or billionaire as a seller.

Sales salaries careers are well paid and he ranks third on this list of high-paying jobs without a degree. A salesperson's revenue is directly tied to their sales performance. This means that sales positions have excellent earning potential. Working in sales can be incredibly stressful.

Learn more about Sales salaries at

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4 0
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