Chapter 10
LO 10-3
12. What are the penalties for not making timely payroll deposits?
After reading I came to the realization that "If payroll taxes are not paid on a timely basis, the employer is subject to penalty. The penalty is based on the amount not properly or timely deposited. The penalties are as follows:
2% for deposits made 1 to 5 days late.
5% for deposits made 6 to 15 days late.
10% for deposits made 16 or more days late.
10% if electronic deposit is required but not used.
10% if deposits are paid directly to the IRS, paid with the return, or paid to an unauthorized financial institution.
15% for amounts unpaid more than 10 days after the date of the first notice the IRS sent asking for the tax due." (Cruz, A., Deschamps, M., Niswander, F., Prendergast, D., Schisler, D., & Trone, J., 2015)
LO 10-3
13. If a …show more content…
On the off chance that the business is an organization the representative is in charge of the bookkeeping and paying the expenses might be considered capable on the off chance that they acted adamantly in not paying taxes.
Chapter 11
LO 11-2
5. What are the differences between a defined benefit pension plan and a defined contribution pension plan?
A characterized advantage plan accommodates pre-decided advantage payments to retirees upon retirement. Commitments to the arrangement are made in sums adequate to bolster the surge of advantage payments, by and large utilizing actuarial suppositions and figurings.
A characterized commitment plan is represented by standards that set up the sums added to the plan. These plans give an individual record to every member and pay advantages in light of those records. The amount of inevitable retirement advantages is obscure until retirement is come to.
LO 11-3
15. Briefly discuss the conditions necessary for a taxpayer to be permitted to make tax-deductible contributions to a traditional
LO 10-3
12. What are the penalties for not making timely payroll deposits?
After reading I came to the realization that "If payroll taxes are not paid on a timely basis, the employer is subject to penalty. The penalty is based on the amount not properly or timely deposited. The penalties are as follows:
2% for deposits made 1 to 5 days late.
5% for deposits made 6 to 15 days late.
10% for deposits made 16 or more days late.
10% if electronic deposit is required but not used.
10% if deposits are paid directly to the IRS, paid with the return, or paid to an unauthorized financial institution.
15% for amounts unpaid more than 10 days after the date of the first notice the IRS sent asking for the tax due." (Cruz, A., Deschamps, M., Niswander, F., Prendergast, D., Schisler, D., & Trone, J., 2015)
LO 10-3
13. If a …show more content…
On the off chance that the business is an organization the representative is in charge of the bookkeeping and paying the expenses might be considered capable on the off chance that they acted adamantly in not paying taxes.
Chapter 11
LO 11-2
5. What are the differences between a defined benefit pension plan and a defined contribution pension plan?
A characterized advantage plan accommodates pre-decided advantage payments to retirees upon retirement. Commitments to the arrangement are made in sums adequate to bolster the surge of advantage payments, by and large utilizing actuarial suppositions and figurings.
A characterized commitment plan is represented by standards that set up the sums added to the plan. These plans give an individual record to every member and pay advantages in light of those records. The amount of inevitable retirement advantages is obscure until retirement is come to.
LO 11-3
15. Briefly discuss the conditions necessary for a taxpayer to be permitted to make tax-deductible contributions to a traditional