Question
Mrs. Yolanda Wang starts a self-employment business on March 1, 2019 and she intends to have a fiscal year that ends on June 30. During
Mrs. Yolanda Wang starts a self-employment business on March 1, 2019 and she intends to have a fiscal year that ends on June 30. During the period March 1, 2019, through June 30, 2019, her business has net income of $16,000. What estimated amount of business income will Mrs. Wang report in her personal tax return for the year ending December 31, 2019? Please show your calculation. (3 mark)
Normally, by what date must her 2019 tax liability be paid in order to avoid the assessment of interest on amounts due? (2 mark)
Her representatives must file her 2019 tax returns by what date normally? (2 mark)
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started