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Olin [163]
3 years ago
6

Sam's (single taxpayer) year 2 taxable income was $175,000 with a corresponding tax liability of $30,000. For year 3, Sam expect

s taxable income of $250,000 and a tax liability of $50,000. In order to avoid a penalty for underpayment of estimated tax, what is the minimum amount of year 3 estimated tax payments that Sam can make?
Business
1 answer:
Dahasolnce [82]3 years ago
4 0

Answer:

$33,000

To avoid penalties, if a taxpayer owes $1,000 or more in tax payments beyond withholdings, such taxpayer will need to have paid in for taxes the lesser of:  90% of the current year's tax ($50,000 x 90%) = $45,000, or  100% of the previous year's tax ($30,000 x 100%) = $30,000  

However, if the taxpayer had adjusted gross income in excess of $150,000 in the prior year, 110% of the prior year's tax liability is used to compute the safe harbor for estimated payments. (Previous year's tax $30,000 x 110% = $33,000).

Explanation:

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Suppose that the current federal funds rate is above the federal funds target rate. In order to lower the federal funds rate the
Mnenie [13.5K]

Answer:

purchase; increase.

Explanation:

Suppose that the current federal funds rate is above the federal funds target rate. In order to lower the federal funds rate the Fed will purchase securities on the open market which will increase the supply of reserves in the market for reserves, pushing the rate closer to the target rate.

3 0
3 years ago
onceptual Connection: For each situation, identify the possible root cause(s) of the activity cost (such as plant layout, proces
Minchanka [31]

Answer:

Explanation:

For each situation, identify the possible root cause or causes of activity cost, among these:

1. Plant Layout

2. Process design

3. Product design

(A) PROCESS DESIGN

The design of the process of production is the root cause of activity cost here. From the rates given, it's clear that the manual method of production costs more time and money than the mechanical production method.

A minor cause of activity cost here is the PRODUCT DESIGN; the cost of which varies with the use of labour and the use of machine.

(B) PRODUCT DESIGN

Change in design of the gear (removal of some component parts) reduces set up time and cost.

(C) PLANT LAYOUT

Redesign of manufacturing plant saves the time and cost of moves.

3 0
3 years ago
For the current year temporary differences existed between the financial statement carrying amounts and the tax basis of the fol
Veseljchak [2.6K]

Answer:

Income Tax Expense (Dr.) $49,080,000

Deferred Tax Liability (Cr.) $49,080,000

Explanation:

Income tax expense = ( Taxable Income for the year + building and equipment taxable amount + Prepaid Insurance - Liability or contingency Loss ) * Tax rate

Income Tax expense = ( $117,000,000 + $14,700,000 + $2,300,000 - $11,300,000) * 40%

Income Tax expense = $49,080,000

8 0
3 years ago
In the country of Azard, businesses use new smart cell phones to speed up many tasks such as sales recording, inventory checks,
Luden [163]

The component of growth recorded by the country of Azard is technology.

<h3>How is technology a component of growth?</h3>

Technology is one of the key drivers of growth in an economy. Technology increases the efficiency of the production of goods and services. The use of smart phones to speed up tasks is an example of technology contributing to growth.

To learn more about growth, please check: brainly.com/question/11679822

8 0
3 years ago
If the unlock account checkbox is selected under a user account's properties dialog box, what does this mean?
MrRa [10]

When that happen it is because the user has too many failed log on attempts and is locked out. By default that why a user's profile is created.  So the Unlock Account check box is selected under a user account's Properties dialog box.

4 0
4 years ago
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