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please answer 13 to 18 thanks A SO credits in 2020. All of the following are true regarding Jane's estimated taxes except A. She expects
please answer 13 to 18 thanks
A SO credits in 2020. All of the following are true regarding Jane's estimated taxes except A. She expects to owe at least $1,000 for 2020 after subtracting her withholding from her expected total tax B. She expects her income tax withholding to be at least 90% of the tax to be shown on her 2020 return C. Jane does not need to pay estimated tax D. Jane will need to pay estimated tax 13 Using the short method in Part Ill of Form 2210 - Underpayment of Estimated Tax by Individuals, Estates, and Trusts, Alvaro determines his total underpayment of his estimated taxes for 2020 was $2,000. If he meets all other conditions and the entire amount was paid on or after April 15, 2021, what is the amount of his underpayment penalty? B. $35 C. $85 D. $95 / Ray, who is single and 22 years old, was unemployed for a few months during 2019. He earned $6,700 in wages before he was laid off, and he received $1,400 in unemployment compensation afterwards. He had no other income. Even though he had gross income of $8,100, he did not have to pay income tax because his gross income was less than the filing requirement for a single person under age 65. He filed a return only to have his withheld income tax refunded to him. In 2020, Ray began regular work as an independent contractor and earned $28,000. Ray made no estimated tax payments in 2020 and he did owe tax at the end of the year. What amount does Rayowe for the underpayment penalty in 2020? A SO B. $555 C. $558 D. $630 15 The IRS stops paying interest on overpayments on the date they refund taxpayer's overpayment and interest) or offset it to an outstanding liability. The IRS has administrative time of typically how many days to issue the taxpayer's refund without paying interest on it? A. 10 days B. 30 days C. 45 days D. 60 days 16 Malling addresses for all types of returns: individual, corporation, partnership, and many others differ as each form has its own required mailing address. For example, addresses are grouped by which geographic area for Form 1040 returns? A City B. Municipality C. County D. State 17 The Form 1040 - U.S. Individual Income Tax Return has been written to only include some of the most common types of income, common deductions, Federal withholding and common credits. The detail for all other types of income, adjustments to income, nonrefundable and refundable credits, other payments and other taxes that existed on the previous Form 1040 have been moved to one of three new schedules. Which of the following schedules includes lines that are used for additional taxes such as the alternative minimum tax, self-employment tax and household employment tax? A Schedule 1 B. Schedule 2 C. Schedule 3 D. Schedule A 18 Andy originally reported $21,000 as his adjusted gross income on his 2020 Form 1040. He received another Form W-2 for $500 after he filed his return. Which of the following is true? A Andy should fde another Form 1040 for 2020 B. Andy should re-file Form 1040 for 2020 C. Andy should include the $500 on his 2021 Form 1040 D. Andy should use Form 1040X - Amended U.S. Individual Income Tax Return to correct the 2020 Form 1040 Step by Step Solution
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