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3 years ago

HELP WITH DOING TAXES

Law

1 answer:

mixer [17]3 years ago

5 0

Answer:

If HMRC does not receive the tax return by the date it has to be returned, they will issue an automatic penalty. If you get a tax return that you think you ...

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James is a taxpayer that files married filing separately. he had a tax liability of $6,700 in the previous tax year. his agi is

omeli [17]

For James to avoid an underpayment penalty in 2020, he needs to pay <u>$23,912.50</u>.

<h3>What is an underpayment penalty?</h3>

An underpayment penalty is the IRS fine levied on taxpayers who do not pay enough of their estimated tax liability.

According to the IRS rules, to avoid an underpayment penalty, James must pay either 100% of last year's tax or 90% for 2020.

<h3>Data and Calculations:</h3>

Tax liability from 2019 = $6,700

AGI for the current tax year = $85,000

Taxable income = $76,500 (assumed to be 90% of AGI)

Tax rate = 25%

Tax liability for 2020 = $19,125 ($76,500 x 25%)

Minimum tax to pay to avoid underpayment penalty = $23, 912.50 ($6,700 + $19,125 x 90%)

Thus, for James to avoid an underpayment penalty in 2020, he needs to pay <u>$23,912.50</u>.

Learn more about underpayment penalties at brainly.com/question/14328731

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3 0

1 year ago

What is the main difference between federal and confederal systems of government?

Scilla [17]

Answer: In a federal system there is centralized authority, while in a confederal system power is distributed equally among the states.

Explanation:

Some of the differences between a federal and a confederal include:

1. In the federal system, the main functions and power are reserved for the central government while for the confederal, main functions and power belongs to the states.

1. One of the differences between a federal and confederal is that a federation, sovereignty rests with a new state formed represented by the central government, while in a confederation, sovereignty rests with the component states.

2. The confederal system of government is less stable politically than the federal system of government.

3. In the federal system, the central government owns the police and army and.maintains them while in a confederation, each state maintains its own police and army.

4. In a federal system there is centralized authority, while in a confederal system power is distributed equally among the states

5. In a confederation, citizens obey only their state government while in the federal system, the citizens obey two government which are the federal government and the state government.

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3 years ago

How much money may an individual give a candidate for the general election?

NeX [460]

I think it’s $2,800 per election not truly sure.

5 0

3 years ago

"Classical theory" is one of the earliest criminological theories, and argues that people choose to commit a crime out of their

yulyashka [42]

Answer:

report it to the cops or other law enforcement, crime is illegal so they should stay that way

Explanation:

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3 years ago

A _____ yellow line means traffic on both sides may NOT cross the center line to pass. A. single solid B. double solid C. single

pshichka [43]

Answer: B. A double solid line

Explanation:

The double solid line signifies a no passing zone

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3 years ago