Usein the book Prentice Hall’s Federal taxation 2016 comprehensive please find m

Question

Usein the book Prentice Hall’s Federal taxation 2016 comprehensive

please find me the correct answers.

1. On October 30, Wilton determines that his tax for the calendar tax year will total 10, 000. If his employer is scheduled to withhold only $7,500 in Federal income taxed, what can Wilton so to avoid any underpayment penalty?

2. During an interview with an IRS official on Dateline, the interviewer asks. “So how do you decide which forms 1040 get audited and which do not?” how should the IRs official respond, taking into account that only some of the audit selection process is public information?

Explanation / Answer

1.If employer of wilton is scheduled to withhold only $7500 out of total $10000, wilton can pay tax on the balance amount if $2500 to avoid penaly

2. IRS official should answer taking into account

Figures involved in the forms,

Realistic nature of deductions,

Extent of inline filing of forms,

Accuracy of filing and other related considerations

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