Oliver carelessly filed his taxes four months late. He owed $60,000 in taxes. What is his late filing penalty?
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Oliver carelessly filed his taxes four months late. He owed $60,000 in taxes. What is his...
Ella carelessly filed her taxes 10 months late. She owed $100,000 in taxes. What is Ella's late filing penalty?
Olivia filed her tax return on time but did not pay her taxes until four months after they were due. She owed $20,000. What is her late payment penalty amount?
a. Wilson filed his individual tax return on the original due date, but failed to pay $18,720 in taxes that were due with the return. If Wilson pays the taxes exactly 7 months late, calculate the amount of his failure-to-pay penalty. b. Joan filed her individual income tax return 4 months after it was due. She did not request an extension of time for filing. Along with her return, Joan remitted a check for $9,710, which was the balance of...
Lionel has to pay a penalty for filing his taxes late. The IRS charges 4% in interest for each month the payment is late. Lionel's original tax bill was $3,000, but he now owes $4,803.1. How many years late is his payment? 12.0 years
Problem 12-3 (Algorithmic) Interest and Penalties (LO 12.3) Compute the penalty described for the following taxpayers. If an amount is zero, enter "O". If required, round your answers to two decimal places. a. Wilson filed his individual tax return on the original due date, but failed to pay $2,220 in taxes that were due with the return. If Wilson pays the taxes exactly 11 months late, calculate the amount of his failure-to-pay penalty. b. Joan filed her individual income tax...
Self-Study Problem 12.3 Part a: Linda filed her tax return 2 months late. The tax paid with the return amounts to $3,000. What is Linda's total penalty for failure to file and failure to pay, assuming the failure to file is not fraudulent? $__________ Part b: Kim underpaid her taxes by $10,000 due to negligence. What is Kim's penalty for negligence? $_________ Part c: Using the same information as in Part b, what is the amount of the penalty if...
Wade filed his federal income tax return on time but did not remit the balance due. The IRS has not issued a deficiency notice. Enter wades failure to pay penalty in each of the following cases. Four months, ten months and five years late
Adam filed his 2015 return on March 20, 2016. On June 15, 2016, he filed an amendment to change his filing status from single to head of household (HOH). Adam's qualifying child for HOH is not a dependent claimed on his original return. What is Adam required to do on his Form 1040X? Incorrect
Problem 12-3 (Algorithmic) Interest and Penalties (LO 12.3) Compute the penalty described for the following taxpayers. If an amount is zero, enter "0". If required, round your answers to two decimal places. a. Wilson filed his individual tax return on the original due date, but failed to pay $21,220 in taxes that were due with the return. If Wilson pays the taxes exactly 13 months late, calculate the amount of his failure-to-pay penalty. $ Feedback b. Joan filed her individual...
Paul filed his 2017 return on March 15, 2019. He is due a $400 refund on his 2017 return. What is his failure to file penalty for his 2017 return? * $0 $24 $210 $400