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pentagon [3]
3 years ago
12

The Taxpayer First Act does NOT change the electronic filing requirement for which type of exempt organization information retur

n?Form 990-N,
a. Annual Electronic Filing Requirement for Small Exempt Organizations (e-Postcard) Form 990-EZ,
b. Short Form Return of Organization Exempt from Income Tax Form 990-PF,
c. Return of Private Foundation Form 990-T,
d. Exempt Organization Business Income Tax Return
Business
1 answer:
Scilla [17]3 years ago
5 0

Answer:

a. Annual Electronic Filing Requirement for Small Exempt Organizations (e-Postcard) Form 990-EZ,

Explanation:

The new law Taxpayer First Act  requires all tax-exempt organizations with a filing requirement Forms 990, 990-PF, 990-EZ, 990-T  and Form 8872 (Section 527 political organizations are now required to e-file their periodic contribution and expenditure reports) to do so electronically .

Form 990-N postcard have been required to e-file through the IRS’ website directly or by using a tax software approved by IRS since its inception.

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Georgia’s gross pay was $35,600 this year. She is to pay a federal income tax of 16%. How much should Georgia pay in federal inc
jasenka [17]

Gross income is different from Taxable Income. There are deductions that must be deducted from gross income to arrive at the taxable income.

<h3>Federal income tax this year</h3>

Correct option is C.

Georgia pay in federal income tax this year "$5,696. 00"

In order to find federal income tax, calculate adjusted gross income.

Then from adjusted gross income,  subtract exemptions and deductions to get your taxable income.

Only 11 % of the people who belong to the age group 25-55 years do not pay federal income tax while more than 80% who belong to the age group of 75 years or older also do not pay tax.

Georgia's gross pay 35,600 this year.

Rate of federal income tax = 16%

Hence, amount paid by Georgia = 16/100×35,600 =$5696

Learn more about Gross income, refer to the link:

brainly.com/question/547727

3 0
2 years ago
In each of the following independent cases, indicate the amount (1) deductible for AGI, (2) deductible from AGI, and (3) deducti
OLEGan [10]

Answer: kindly check your questions, I don't think it's complete.

For the first independent case as you have given in the question. Here is the answer below:

1) Ted paid $90 rent on a safety deposit box at the bank. In this box he kept the few shares of stock that he owned-------

Answer

Deductible for AGI $0

Deductible from AGI $90

Not deductible $0

Deduction from AGI (investment expense )

------For the remaining independent cases as you omitted in the question will be seen below with answers

2.Tyler paid $177 for minor repairs to the fence at a rental house he owned

Answer: Deductible for AGI $177

Deductible from AGI $0

Not deductible $0

-Deduction for AGI

And Rental expense.

3)Timmy paid $585 for health insurance premiums this year (not through an exchange). Timmy is employed full-time and his employer paid the remaining premiums as a qualified fringe benefit.

. Answer---

Deductible for AGI $0

Deductible from AGI $585

Not deductible $0

The health insurance premium is from AGI,

Health itemized deduction which is also subjected to an AGI floor limitation.

4)Tess paid $2,090 of state income taxes on her consulting income. (W-2)

Answer---Deductible for AGI $0

Deductible from AGI $2,090

Not deductible $0

--The state income taxes are deductible from AGI which is an itemized deduction.

4 0
3 years ago
Sherry is functionally blind and seems uninterested during class demonstrations or teacher-directed activities. what can you do
kow [346]
You could provide large print or braille materials for her.
3 0
3 years ago
Which of the following statements is CORRECT? Select one: a. The capital structure that minimizes a firm's weighted average cost
Varvara68 [4.7K]

Answer:

b. The capital structure that minimizes the firm's weighted average cost of capital is also the capital structure that maximizes its earnings per share.

Explanation:

The optimal capital structure is estimated by calculating the mix of debt and equity that minimizes the weighted average cost of capital (WACC) while maximizing its market value. The lower the cost of capital, the greater the present value of the firm’s future cash flows, discounted by the WACC. Thus, the chief goal of any corporate finance department should be to find the optimal capital structure that will result in the lowest WACC and the maximum value of the company (shareholder wealth).

6 0
4 years ago
5 years ago, Barton Industries issued 25-year noncallable, semiannual bonds with a $1,000 face value and an 8% coupon, semiannua
Reika [66]

Answer:

Firms after tax of debt is 6.87%

Explanation:

Firm's after-tax cost of debt is calculated using the RATE function as follow:-

=RATE(nper,pmt,pv,fv)*(1-tax rate)

=(RATE(20*2,40,-894.87,1000)*2)*(1-25%)

=6.87%

7 0
3 years ago
Read 2 more answers
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