Charlie claims he will have less income and more expenses, thereby paying less tax!. Is Charlie's way of thinking acceptable?
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Charlie's Green Lawn Care is a cash basis taxpayer. Charlie the sole proprietor, is considering delaying some of his December 2019 customer billings for lawn care into the next year. In addition, he is thinking about paying some of the bills in late December 2019,l which he would ordinarily pay in January 2020. Charlie claims he will have less income and more expenses, thereby paying less tax!. Is Charlie's way of thinking acceptable?
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- Charlie's Green Lawn Care is a cash basis taxpayer. Charlie Adame, the sole proprietor, is considering delaying some of his December 2019 customer billings for lawn care into the next year. In addition, he is thinking about paying some of the bills in late December 2019, which he would ordinarily pay in January 2020. This way, Charlie claims, he will have "less income and more expenses, thereby, paying less tax!" Is Charlie's way of thinking acceptable?Greg has one employer and expects no changes to his tax situation for next year. He received a large refund after filing his 2019 tax return. He would like to pay less in taxes throughout the year, even if that means a lower refund when he files his 2020 return. Which of the following actions is most likely to help Greg achieve this goal? Complete only Steps 1 and 5 of the 2020 Form W-4, entering personal information and filing status and signing the form. Tax will be computed only on the standard deduction amount and tax rates for Greg's filing status. Complete 2020 Form W-4, Step 4c, and enter a negative amount of tax to be withheld each pay period. Complete 2020 Form W-4, Step 4c, and enter an additional amount of tax to be withheld each pay period. Purchase an educationIn 2022, Zach is single with no dependents. He is not claimed as a dependent on another's return. All of his income is from salary, and he does not have any for AGI deductions. What is his earned income credit in 2022 in the following alternative scenarios? Use Exhibit 8-11. Note: Round your intermediate and final answers to the nearest whole dollar amount. Leave no answer blank. Enter zero if applicable. Required: a. Zach is 29 years old, and his AGI is $5,000. b. Zach is 29 years old, and his AGI is $10,000. c. Zach is 29 years old, and his AGI is $19,000. d. Zach is 17 years old, and his AGI is $5,000.
- ! Required information [The following information applies to the questions displayed below.] In 2023, Zach is single with no dependents. He is not claimed as a dependent on another's return. All of his income is from salary, and he does not have any for AGI deductions. Saved What is his earned income credit in 2023 in the following alternative scenarios? Use Exhibit 8-10. Note: Round your intermediate and final answers to the nearest whole dollar amount. Leave no answer blank. Enter zero if applicable. b. Zach is 29 years old, and his AGI is $10,000. Eamed income credit! Required information [The following information applies to the questions displayed below.] In 2021, Zach is single with no dependents. He is not claimed as a dependent on another's return. All of his income is from salary and he does not have any for AGI deductions. What is his earned income credit in 2021 in the following alternative scenarios? Use Exhibit 8-11. (Round your intermediate and final answers to the nearest whole dollar amount. Leave no answer blank. Enter zero if applicable.) a. Zach is 29 years old and his AGI is $5,000. Earned income creditAhmed does not have enough cash on hand to pay his taxes. He was excited to hear that he can request an extension to file his tax return. Does this solve his problem? What are the ramifications if he doesn’t pay his tax liability by April 15?
- Barry and Madison plan to marry in December 2019. Barry's salary is $60,000 and he owns his residence. His itemized deductions total $18,200. Madison's salary is $81,000. Her itemized deductions total only $8,400 as she does not own her residence. For purposes of this problem, assume 2020 tax rates and standard deductions are the same as 2019. Read the requirements. Requirement a. What will their 2019 tax be if they marry before year-end and file a joint return? Adjusted gross income $141,000 Minus: Itemized deductions (26,600) Taxable income $114,400 (Use the 2019 tax rate schedule for all tax calculations. Do not round intermediary calculations. Only round the amount you enter in the input field to the nearest dollar.) Barry and Madison's gross tax if they file a joint return is $16,885 . Requirement b. What will their combined 2019 taxes be if they delay the marriage until 2020? Compute the taxable…Barry and Madison plan to marry in December 2019. Barry's salary is $60,000 and he owns his residence. His itemized deductions total $18,200. Madison's salary is $81,000. Her itemized deductions total only $8,400 as she does not own her residence. For purposes of this problem, assume 2020 tax rates and standard deductions are the same as 2019. Read the requirements. Requirement a. What will their 2019 tax be if they marry before year-end and file a joint return? Adjusted gross income $141,000 Minus: Itemized deductions (26,600) Taxable income $114,400 (Use the 2019tax rate schedule for all tax calculations. Do not round intermediary calculations. Only round the amount you enter in the input field to the nearest dollar.) Barry and Madison's gross tax if they file a joint return is .Antonio Lopez has come to you for help filing his 2021 tax return. Antonio has never filed his taxes, as this is his first year on his own. He has decided to seek your assistance this year. Antonio is a bartender, and he also operates a poker and gaming club in his basement. This is not a legal gaming operation, but he feels the income is so small ($15,000 this year) that he will not have to claim the income. Furthermore, he does not have any receipts for this income (it is all cash) and therefore, believes he does not have to claim this as income. He also believes that by claiming the income, he may get in trouble for not having the correct permits to operate the club. He has come to you and asks if he is correct, that he does not have to include the receipts from the gaming club as income. a. Determine how much, if any, of George's gaming receipts need to be included in income. b. Write a memo to communicate your results to your supervisor to include (1) authority list, (2)…
- Rasheed works for Company A, earning $401,000 in salary during 2021. Assuming he is single and has no other sources of income, what amount of FICA tax will Rasheed pay for the year? (Round your intermediate and final answer to the nearest whole dollar amount.) Amount of FICA taxRasheed works for Company A, earning $360,000 in salary during 2020.Assuming he is single and has no other sources of income, what amount of FICA tax will Rasheed pay for the year? Plz and Thk U, StephanieBoomer owns a 4-bedroom home located two miles from the Raymond James Stadium in Tampa. On February 4, 2021, Boomer and his family moved out for a week and rented the house to a group of strangers for $30,000. This was the only rental activity of the home in 2021. a. How should Boomer treat the rental income on his 2021 tax return, and what deductions can he claim?
