In 2018, Jim, who is single, has a comfortable salary from his job as well as...

 

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In 2018, Jim, who is single, has a comfortable salary from his job as well as income from his investment portfolio, However, he is habitualy late in filing his federal income tax rehurn. He did not flie tes 2018 income ta December 1, 2019 (due date was April 15, 2019) and no extensions of time to file the return were filed. Below are amounts from his 2018 return: (Click the icon to view the 2018 data.) Requirement Has Jim met al of his financial obligations to the IRS for 2018? It not, what additional amounts will Jim be liable to pay to the IRS? (Assumpliona) First select the label for any applicable financial obligations that Jim will incur, then enter the applicable amounts and calculate the total. (Assume a 365-day year. Do not round intermediary calculations Ony mund the Input in the cell to the nearest cent. If a box is not used in the table leave the box empty; do not select a label or enter a zero.) Total additional amount due ad calctlate the total ASsume a K65-day year. Do not round intermedia e table leave - X Data Table Taxable income 180,000 Total tax liability on taxable income 39,290 Total federal tax withheld from his salary 35,290 Jim sent a check with his return to the IRS for the balance due of $4,000. He is relieved that he has completed his filing requirement for 2018 and has met his financial obligation to the government for 2018. Print Done thon continue to the nert question In 2018, Jim, who is single, has a comfortable salary from his job as well as income from his investment portfolio, However, he is habitualy late in filing his federal income tax rehurn. He did not flie tes 2018 income ta December 1, 2019 (due date was April 15, 2019) and no extensions of time to file the return were filed. Below are amounts from his 2018 return: (Click the icon to view the 2018 data.) Requirement Has Jim met al of his financial obligations to the IRS for 2018? It not, what additional amounts will Jim be liable to pay to the IRS? (Assumpliona) First select the label for any applicable financial obligations that Jim will incur, then enter the applicable amounts and calculate the total. (Assume a 365-day year. Do not round intermediary calculations Ony mund the Input in the cell to the nearest cent. If a box is not used in the table leave the box empty; do not select a label or enter a zero.) Total additional amount due ad calctlate the total ASsume a K65-day year. Do not round intermedia e table leave - X Data Table Taxable income 180,000 Total tax liability on taxable income 39,290 Total federal tax withheld from his salary 35,290 Jim sent a check with his return to the IRS for the balance due of $4,000. He is relieved that he has completed his filing requirement for 2018 and has met his financial obligation to the government for 2018. Print Done thon continue to the nert question

Answer rating: 100% (QA)

No Jim has not met all of his financial obligations to the IRS ... View the full answer