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Leviafan [203]
3 years ago
6

Suzanna decided not to pay federal income tax, saying that paying federal income tax is optional. Describe two possible conseque

nces of Suzanna’s decision
Business
2 answers:
Romashka [77]3 years ago
7 0

Answer:

Not filing your return will cost you an additional 5 percent of your unpaid tax bill each month.

Not paying what you owe will add an extra 0.5 percent each month to your overall IRS debt.

If you did not file on time and did not pay any tax you owed, you are subject to both penalties. However, the IRS actually gives you a bit of a break. The maximum penalty that you’ll pay for both in any given month is 5 percent, rather than 5.5 percent.

If you don’t file or pay for five months, the failure-to-file penalty will max out at 25 percent of your unpaid taxes. But the 0.5 percent failure-to-pay penalty will continue to accrue, up to another 25 percent of what you owe, until the tax is paid.

Interest also is charged on the overdue amount

If your due a refund then the only way to get it is to file

Explanation:

poizon [28]3 years ago
7 0

Answer:

Since Suzanna refrained from paying her federal income tax, the IRS obtains a legal claim to your property and assets ("lien") and, after that, can even seize that property or garnish your wages ("levy"). In the most serious cases, you can even go to jail for up to five years for committing tax evasion.

Explanation:

Got a 100% on the eResource on Edgen.

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Diane's Designs has two classes of stock authorized: 8%, $10 par value preferred and $1 par value common. As of January 1, 2021,
devlian [24]

Answer:

Common stock = $210,000

Preferred stock = $15,000

Additional paid in capital = $2,801,000

Treasury stock  =    $120,000

Retained earnings = $31,600

Explanation:

Diane's Designs has two classes of stock authorized: 8%, $10 par value preferred and $1 par value common.

As of January 1, 2021, the following accounts had the following balances: Common Stock $10,000, preferred stock $5,000, retained earnings was $9,600.

The following transactions affect stockholders' equity during 2021, its first year of operations: January 1-Dec. 31 Net Income $25,000

January 1 Issue 200,000 shares of common stock for $15 per share.

JOURNAL ENTRIES

Dr. Bank.......................3,000,000

Cr. Common stock.......................200,000

Cr. Additional Paid-in capital..2,800,000

February 6 Issue 1,000 shares of preferred stock for $11 per share.

JOURNAL ENTRIES

Dr. Bank.......................11,000

Cr. Preferred stock.......................10,000

Cr. Additional Paid-in capital.......1,000

October 10 Purchase 10,000 shares of its own common stock for $18 per share.

JOURNAL ENTRIES

Dr. Treasury Stock.......................180,000

Cr. Bank........................................................180,000

November 12 Resell 5,000 shares of treasury stock at $20 per share.

JOURNAL ENTRIES

Dr. Bank..............60,000

Cr. Treasury Stock.......................60,000

December 31 Paid dividends of $3,000

The closing balances can be computed as beginning balances + changes in the year = closing balances:

Common stock = 10,000 + 200,000 = $210,000

Preferred stock =  5,000 + 10,000 =    $15,000

Additional paid in capital = 2,800,000 + 1,000 = $2,801,000

Treasury stock  = 180,000 - 60,000 = $120,000

Retained earnings 9,600 + 25,000 - 3,000 = $31,600

8 0
3 years ago
The news division of WEXS Channel 10 wanted to hire a new morning news anchor. As part of the interview process, candidates were
jolli1 [7]

Answer:B

Explanation: The WEXS Channel 10 wanted to see how well the candidates would perform with a story that was given to them.

5 0
3 years ago
Explain how a consumer’s place of residence has an especially large impact on their purchase of sports and entertainment commodi
ElenaW [278]

Answer:

Concept: Business digression

  • Lets assume you live in Los Angeles CA
  • LA houses the Lakers, dodgers, and so many more big brand teams.
  1. A consumer which is defined as any person in a free and open market to openly trade their wealth and income in return for an item or service.
  2. Residence defined as the area that surrounded the immediate perimeter of the said consumer.
  3. Hence, by the principle of <u>socialization</u><u> </u>people are more inclined to buy sports gear to represent their teams and inclined to participate in consumer purchases based on their peers.
  4. It becomes the "lifestyle" and "ideal" personalities in a place such as LA and this inherently drives up sales of sports and entertainment commodities.
  5. The location, or residence directly <u>exposes</u> the consumer to the products in a market where it "hot" and in style/demand.
  6. Rate brainlist & give positive feedback.
8 0
3 years ago
Mio was transferred from New York to Germany. He lived and worked in Germany for 340 days in 2020. Mio's salary for 2020 is $190
vfiekz [6]

Answer:

Mio's foreign earned income exclusion is $99,960

Explanation:

The calculation of the Mio's foreign earned income exclusion is given below:

The foreign earned income exclusion limit for 2020 is $107,600

Now the foreign earned income exclusion depend on days equivalent to

=  Foreign earned income exclusion limit × (2020 days ÷ total number of days in a year)

= $107,600 × (340 days ÷ 366 days)

= $99,960

Hence, Mio's foreign earned income exclusion is $99,960

7 0
3 years ago
In the following case, either a recessionary or inflationary gap exists. Assume that the aggregate supply curve is horizontal, s
KengaRu [80]

Answer:

This is a recessionary gap of $60 billion.

Simple multiplier = 1/ (1-.75) = 1/.25 = 4

The government would then have to increase its spending on goods and merchandise by total gap divided my simple multiplier.

$60 billion/ 4 = $15 billionTransfer multiplier - Each dollar of a Transfer payment will increase real GDP by Transfer Payment Multiplier

= MPC / (1-MPC) = 0.75 / (1-0.75) = 0.75/0.25 = $3

The government must increase spending on transfer payments by total gap divided by transfer payment multiplier = $60 billion / $3 = $20 billion

6 0
3 years ago
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