In 2020, Paul, who is single, has a comfortable salary from his job as well as income from his investment portfolio. However, he is habitually late in filing his federal income tax return. He did not file his 2020 income tax retum until December 4, 2021 (due date was April 15, 2021) and no extensions of time to file the return were filed. Below are amounts from his 2020 return: E (Click the icon to view the 2020 data.) Requirement Has Paul met all of his financial obligations to the IRS for 2020? If not, what additional amounts will Paul be liable to pay to the IRS? (Assumptions). Ignore any extentions granted for extraordinary circumstances. First select the labels for any applicable financial obligations that Paul will incur, then enter the applicable amounts and calculate the total. (Assume a 365-day year. Do not round intermediary calculations. Only round amounts you enter into the table to the nearest cent. If an input field is not used in the table leave the input field empty: do not select a label or enter a zero.) Data table Taxable income 133,246 Total additional amount due Total tax liability on taxable income 26.000 Total federal tax withheld from his salary 18,000 Paul sent a check with his return to the IRS for the balance due of $8,000. He is relieved he is met his financial obligation to the govemment for 2020. ed that he has completed his filing requirement for 2020 and has Print Done
In 2020, Paul, who is single, has a comfortable salary from his job as well as income from his investment portfolio. However, he is habitually late in filing his federal income tax return. He did not file his 2020 income tax retum until December 4, 2021 (due date was April 15, 2021) and no extensions of time to file the return were filed. Below are amounts from his 2020 return: E (Click the icon to view the 2020 data.) Requirement Has Paul met all of his financial obligations to the IRS for 2020? If not, what additional amounts will Paul be liable to pay to the IRS? (Assumptions). Ignore any extentions granted for extraordinary circumstances. First select the labels for any applicable financial obligations that Paul will incur, then enter the applicable amounts and calculate the total. (Assume a 365-day year. Do not round intermediary calculations. Only round amounts you enter into the table to the nearest cent. If an input field is not used in the table leave the input field empty: do not select a label or enter a zero.) Data table Taxable income 133,246 Total additional amount due Total tax liability on taxable income 26.000 Total federal tax withheld from his salary 18,000 Paul sent a check with his return to the IRS for the balance due of $8,000. He is relieved he is met his financial obligation to the govemment for 2020. ed that he has completed his filing requirement for 2020 and has Print Done
Chapter2: Income Tax Concepts
Section: Chapter Questions
Problem 35P
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Transcribed Image Text:In 2020, Paul, who is single, has a comfortable salary from his job as well as income from his investment portfolio. However, he is habitually late in filing his federal income tax return. He did not file his 2020 income tax return until December 4, 2021 (due date was April 15, 2021) and no extensions of time to file the return were
filed. Below are amounts from his 2020 return:
E (Click the icon to view the 2020 data.)
Requirement
Has Paul met all of his financial obligations to the IRS for 2020? If not, what additional amounts will Paul be liable to pay to the IRS? (Assumptions). Ignore any extentions granted for extraordinary circumstances.
First select the labels for any applicable financial obligations that Paul will incur, then enter the applicable amounts and calculate the total. (Assume a 365-day year. Do not round intermediary calculations. Only round amounts you enter into the table to the nearest cent. If an input field is not used in the table leave the input
field empty; do not select a label or enter a zero.)
- X
Data table
Taxable income
$
133,246
Total additional amount due
Total tax liability on taxable income
26,000
Total federal tax withheld from his salary
18,000
Paul sent a check with his return to the IRS for the balance due of $8,000.
He is relieved that he has completed his filing requirement for 2020 and has
met his financial obligation to the government for 2020.
Print
Done
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