Please, provide the formula and explanation. Thanks
Homework Answers
Tax to be paid 321812.85
Late payment interest rate 13.4% compounded anually
Late period 29 days
therefore total amount (tax + penalty) paid = 321812.85 * (1+13.4%)^(29/365) = $325043.9063
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Please, provide the formula and explanation. Thanks
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The assumptions are that the IRS rate is
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tax filed is accurate
The options for the boxes are penalty for fraud, accuracy
related penalty, interest, late filing : failure to file penalty,
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Thanks!
19. Colleen is a cash basis, calendar year individual taxpayer who has a filing status of "single". Colleen's taxable income for 2019 is $195,000. Colleen's total tax prepayments for 2019 are $52,000. Colleen has no tax credits and owes no other taxes that are filed on the form 1040. Using the tax table below: Single Taxable Income (Form 1040 Line 10) Tax Rate in 2019 $82,501-$157,500...
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