Homework Answers
Answer:- C $125
- Penalty for Late filing the income tax return is 5% every month after the due date of filing the return or 25% of total unpaid tax whichever is lower
- Since due date of filing return is April 15 , total 7 months was lapsed ( May - Nov) so penalty will be :-
= $500*5% = $25
$25*7 = $175 or
$500 * 25% = $125 whichever is lower.
Hence penalty amount will be $125.
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