Homework Answers
Ans: Filed late by 7 months
Unpaid Tax amount= $3,500
Late filing penalty ( Lower A or B)
A) 5% of unpaid tax per month= ($ 3,500*5%*7) = 1,225.
B). 25% of unpaid taxes= $3,500*25%
= $ 875
Late filing Penalty= $875
Late payment penalty= 0
Note: Since if in any month both penalties are applicable i.e late filing and late payment penalty for any month can't exceed 5%
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