FREE Trial

Kana is a single wage earner with no dependents and taxable income of $168,700 in 2020. Her 2019 taxable income

Question:

Kana is a single wage earner with no dependents and taxable income of $168,700 in 2020. Her 2019 taxable income was $155,000 and tax liability was $31,375. Calculate the following (note: this question requires the use of the tax tables in Appendix A):

Kana's 2020 income tax liability Kana's minimum required 2020 annual payment necessary to avoid penalty

Transcribed Image Text:

Kana's 2020 income tax liability Kana's minimum required 2020 annual payment necessary to avoid penalty

This problem has been solved!


Do you need an answer to a question different from the above? Ask your question!

Step by Step Answer:

Answer rating: 100% (1 review)

34 999 50 Kanas tax liability is 168 700 163 300 x …View the full answer


answer-question
Answered By
tutor-profile-image
Utsab mitra
I have the expertise to deliver these subjects to college and higher-level students. The services would involve only solving assignments, homework help, and others. I have experience in delivering these subjects for the last 6 years on a freelancing basis in different companies around the globe. I am CMA certified and CGMA UK. I have professional experience of 18 years in the industry involved in the manufacturing company and IT implementation experience of over 12 years. I have delivered this help to students effortlessly, which is essential to give the students a good grade in their studies.
3.50+ 2+ Reviews 10+ Question Solved
Related Book For  answer-question
Income Tax Fundamentals 2021

Income Tax Fundamentals 2021

ISBN: 9780357141366

39th Edition

Authors: Gerald E. Whittenburg, Martha Altus-Buller, Steven Gill

See More Books
Question Details
Chapter # 9- Payroll, Estimated Payments, and Retirement Plans
Section: Problem
Problem: 6
View Solution
Create a free account to access the answer
Cannot find your solution?
Post a FREE question now and get an answer within minutes. * Average response time.
Question Posted: September 28, 2023 03:01:53
See More Questions

Students also viewed these Business questions

Q:
Kana is a single wage earner with no dependents and taxable income of $205,000 in 2018. Her 2017 taxable income was $155,000 and tax liability was $36,382. Calculate the following Kanas 2018 income...
A:
47 439 50 Kanas tax liability is 205 000 200 000 x 3......
Q:
Kana is a single wage earner with no dependents and taxable income of $155,000 in 2017. Her 2017 withholding was $32,000. Her 2016 taxable income was $151,000 and tax liability was $35,317. Calculate...
A:
1 Taxable Income 155 000 Standard Deduction 6 350 Net Taxable Income 148 650 Tax Slab Limit......
Q:
Michele is single with no dependents and earns $32,000 this year. Michele claims exempt on her Form W-4. Which of the following is correct concerning her Form W-4? a. Michele may not under any...
A:
Click to View...
Q:
Role-play a human resources manager trying to convince the company CEO and two of his executives (role-played by three students) that introducing some of the rewards discussed in the case opening is...
A:
HR Manager Good afternoon everyone I wanted to discuss with you some potential rewards that we could introduce to our employees in order to improve th......
Q:
The marbled murrelet is a seabird on the list of endangered species. Pacific Lumber Co. received permission to harvest trees from land on which the murrelet nested, on the condition that it would...
A:
Pacific Lumber violated the taking provision of the Enda......
Q:
In Figure 12.1, let region 2 be free space, while μ r1 = 1, " r1 = 0, and ' r1 is unknown. Find ' r1 if (a) The amplitude of E 1 is one-half that of E + 1 ; (b) (S 1 ) is one-half of (S...
A:
a Since region 2 is fre......
Q:
Ozone (O 3 ) is a strong oxidizing agent. Explain why this is so.
A:
Ozone O3 is a strong oxidizing agent because of its ability to readily donate oxygen atoms The ozone......
Q:
In December 2010, Kent Computers management establishes the year 2011 predetermined overhead rate based on direct labor cost. The information used in setting this rate includes estimates that the...
A:
1 2 Direct materials 15 600 Direct l......
Q:
Watch the Video: Begin by watching the video discussing China's "996" work schedule. You can find a suitable video on platforms like YouTube or other credible sources. Take notes on the main points,...
A:
996 work culture The 996 work culture refers to a schedule from 9 AM to 9 PM six days a week prevale......
Q:
Amy is a single taxpayer. Her income tax liability in the prior year was $3,803. Amy earns $50,000 of income ratably during the current year and her tax liability is $4,315. In order to avoid...
A:
b......
Q:
Sherina Smith (Social Security number 785-23-9873) lives at 536 West Lapham Street, Milwaukee, WI 53204, and is self-employed for 2020. She estimates her required annual estimated income tax payment...
A:
For 2020 Estimated Tax File only if you are making a payment of estimated tax by check or money orde......
Q:
Suppose a family figures it can handle monthly mortgage payments of no more than $1,200. What is the largest amount of money they can borrow, assuming the lender is willing to amortize over 30 years...
A:
If the full precision of the calculator had been used that......
Q:
Describe the methods a small retail store owner with five employees may use to determine the relative value of their jobs.
A:
Determining the relative value of jobs within a small retail store with five employees is important for fair and equitable compensation as well as for establishing a structure that aligns with the org......
Q:
What do you understand by the term learning and development?
A:
Learning and Development Learning and development refer to the process of acquiring knowledge skills and competencies as well as the continuous improv......
Q:
Describe the various PRP options available to organizations.
A:
PRP which stands for Performance Related Pay or Pay for Performance is a compensation strategy that links an individual s or team s pay to their performance and contributions within an organization Th......
Q:
What are the key characteristics of a learning organization?
A:
A learning organization is one that actively encourages and facilitates continuous learning and impr......
Q:
Explain the effects of the global economic crisis on employment.
A:
The global economic crisis can have profound effects on employment leading to widespread job losses increased unemployment rates and various challenge......
Q:
What criteria must be met before a contingency must be recorded as a liability? How should the contingency be disclosed if the criteria are not met?
A:
Two criteria must be met 1 The contingency must be pr......
Q:
Can partitioned join be used for r r.A s? Explain your answer
A:
Here we have an equi join condition which can be execut......
Q:
Tom has a successful business with $100,000 of taxable income before the election to expense in 2019. He purchases one new asset in 2019, a new machine which is 7-year MACRS property and costs...
A:
The purchase of the machine constitutes a capital expenditure therefore it s cost 25 000 is......
Q:
Derek purchases a small business from Art on June 30, 2019. He paid the following amounts for the business: Fixed assets...........................$180,000...
A:
a Since the 250 000 purchase price the intangible assets for sec 197 Goodwill......
Q:
William sold Section 1245 property for $25,000 in 2019. The property cost $38,500 when it was purchased 5 years ago. The depreciation claimed on the property was $19,200. a. Calculate the adjusted...
A:
a Adjusted basis Original purchase price Dep reciation 38 500......
Mechanical Systems For Architects 1st Edition - ISBN: 007015080X - Free Book