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Volgvan
3 years ago
6

Cindy's current year adjusted gross income (AGI) is $300,000 and her current year total tax liability is $60,000. Her immediate

prior year AGI is $200,000 with a total tax liability of $40,000. To avoid an underpayment interest penalty, what is Cindy's minimum required total tax payment amount for the current year
Business
1 answer:
Crazy boy [7]3 years ago
5 0

Answer:

The answer is $44,000

Explanation:

Solution

Given that

Now

Present/current year AGI = $300000

Present /current year tax liability = $60000

Prior year AGI = $200000

Prior year tax liability = $40000

Thus

As per Tax rule or applying the Tax rule

If Adjusted gross income(AGI) of prior year is below $250000 then the minimum required tax payment in the current year in order to avoid interest penalty is lower of

(1) 90% of present /current year tax (liability) or

(2) 110% of prior year tax liability

So

Because the prior year AGI is $200000 which is lower than $250000, in order to avoid interest penalty, the minimum required payment amount of tax liability in current/present year is lower of

(1) 90% of current year tax liability of $60000

Then

$60000 *90% = $54000

Or

(2)110% of prior year tax liability of $40000

$40000 ×110% = $44000

Hence, minimum required total tax payment amount for the current year is $44,000

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2 years ago
Verizon Corporation's use of a Web-based digital dashboard to provide managers with precise real-time information illustrates wh
rewona [7]

Answer:

B) improved decision making

Explanation:

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In case of the real-time information, decision making plays a very important role so that the managers could take the decisions at the specified time.

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3 years ago
Petrus Framing's cost formula for its supplies cost is $1,840 per month plus $12 per frame. For the month of March, the company
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Answer:

$84 unfavorable

Explanation:

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= $1,840 + (624 frames × $12 per frame)

= $9,328

And, the supplies cost for the actual one is

= $1,840 + (631 frames × $12)

= $9,412

So the activity variance is

= $9,328 - $9,412

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6 0
2 years ago
Individuals with an internal locus of control believe that their actions will make a difference in their health.
andriy [413]
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3 years ago
Shontelle owns an apartment house that has an adjusted basis of $760,000 but is subject to a mortgage of $192,000. She transfers
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Answer:

Realized gain of Shontelle = $332000

Explanation:

given data

adjusted basis = $760,000

mortgage = $192,000

receives cash = $120,000

fair market value = $780,000

to find out

What is Shontelle realized gain or loss

solution

we find here first Realized gain that is express as

Realized gain = Amount realized - Adjusted basis     ..................1

so here Amount realized = (receives cash  + fair market value + mortgage)

Amount realized = (120000 + 780000 + 192000)

Amount realized = 1092000

so from equation 1

Realized gain = Amount realized - Adjusted basis  

Realized gain = 1092000 - 760000

Realized gain =  $332000

so we can say that

Realized gain of Shontelle = $332000

3 0
3 years ago
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