Kara files her income tax return 64 days after the due date of the return without...
Kara files her income tax return 64 days after the due date of the return without obtaining an extension from the IRS. Along with the return, she remits a check for $15,400, which is the balance of the tax she owes.
Note: Assume 30 days in a month.
Disregarding the interest element, enter Kara's penalty amount for each, failure to file and failure to pay.
|
Homework Answers
Failure to pay is 0.5% of tax owed * no of months or part thereof.
ie, 0.5%*15400*3 = 231.
Failure to file is 5% of tax owed * no of months or part thereof
ie, 5%*15400*3 = 2310 less failure to pay penalty ie 231. So, 2079.
| Failure to Pay | 231 |
| Failure to file | 2079 |
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