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1. Bonnie receives salary income of $32,000,
In your response, please make sure to take all of the facts above into consideration. You can refer back to the text, lecture videos, and the IRS website. Please make sure to support whatever conclusion you decide to present.
2. This next question will be more opinion-based. The United States operates utilizes a progressive tax system. What exactly does this mean? Do you believe it is the best system for the United States or this is there a better answer (one additional choice could be a flat tax for example)? Please try to explain your thoughts as thoroughly as possible.
Your initial post will be due Wednesday February 3, 2021 with follow up posts to at least two classmates due Sunday February 31, 2021
Hello,
I am only answering first question as per the policy and if you want other to be answered please resubmit the unanswered question again thank you.
Gift amount will not be considered while calculating the gross income.
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- 24. In 2020, Katrina filed her 2019 Form 1040. She mailed her extension on March 15 certified mail. The return receipt shows the IRS received it April 14. She mailed her return on October 1 certified mail. The return receipt shows the IRS received it October 21. Assume she filed a valid and true return. When was Katrina’s return filed? Select one: a. April 14 b. April 15 c. October 1 d. October 15 e. October 2111. For 2020, Peggy received a form 1098-E from her federal student loan that showed that she paid $4,600 in interest on a qualified student loan. Her W-2 from her employer shows 79,750 in box 1 and $6,200 in box 2. If these are the only items of income and expense for 2020, what will be Peggy's 1040 show when she files her return using the single filing status? 12. Humphrey was very busy in 2021 and forgot to file his taxes or file an extension by April 15, 2021. When he got around to filing his tax return on June 28th, he found that he owed $1,727 in income tax. How much will Humphrey owe in penalties in addition to the $1,727 for his failure to file and pay on time?PLEASE HELP ME UNDERSTAND AND USE THE INFORMATION PROVIDED WITH THE FOLLOWING THANK YOU! IT WILL NOT MAKE SENSE TO ME IF INFORMATION IS USED FROM A DIFFERENT QUESTION. Lillian and Jackson Clark are married in their early 20s living in Los Angeles. Jackson Clark earned $93,000 in 2018 from his sales job. During the year, his employer withheld $11,685 for income tax purposes. In addition, the Clarks received interest of $350 on a joint savings account, $750 interest on tax-exempt municipal bonds, and dividends of $400 on common stocks. At the end of 2018, the Clarks sold two stocks, A and B. Stock A was sold for $700 and purchased four months earlier for $800. Stock B was sold for $1,500 and bought 3 years earlier for $1,100. Although his company's pension plan covers Jackson, he plans to contribute $5,500 to a traditional deductible IRA for 2018. In addition, their only child, Carter, age 2, received (as his sole source of income) dividends of $200 from Hershey's stock. PLEASE EXPLAIN…