In 2017, Paul, ,who is single, has a comfortable salary from his job as well as income
Question:
In 2017, Paul, ,who is single, has a comfortable salary from his job as well as income from his investment portfolio. How,ever, he is habitually lace in filing his federal income tax return. He did not file his 2017 income tax return until December 4, 2018 (due date was April 17, 2018) and no extensions of time to file the return ,were filed. Below are amounts from his 2017 return:
Taxable income $140,000
Total tax liability on taxable income 32,182
Total federal tax ,withheld from his salary 26,753
Paul sent a check ,with his return to the IRS for the balance due of $5,429. He is relieved that he has completed his filing requirement for 2017 and has met his financial obligation to the government for 2017.
Has Paul met all of his financial obligations co the IRS for 2017? If not, what additional amounts ,will Paul be liable co pay co the IRS?
Step by Step Answer:
Federal Taxation 2019 Individuals
ISBN: 9780134739670
32nd Edition
Authors: Timothy J. Rupert, Kenneth E. Anderson