Vulcan Company is a monthly depositor whose tax liability for March 20- is $2,505. 1. What is the due date for the deposit of these taxes? April 15 2. Assume that no deposit was made until April 29 (14 days late). Compute the following penalties. Assume a. Penalty for failure to make timely deposit. 125.5 X b. Penalty for failure to fully pay tax. %24 12.53 V C. Interest on taxes due and unpaid (assume a 6% interest rate). 4.80 X d. Total penalty imposed. 142.58 X Feedback TOheck My WWork 1. Determine correct due date of monthly deposit. 2. a. Determine penalty for Failure to Make Timely Deposit: $ b. Determine penalty for Failure to Fully Pay Tax: $. C. Determine annual interest rate (based on 365 days): $. d. Equals the total penalty imposed: $ per month

Vulcan Company is a monthly depositor whose tax liability for March 20- is $2,505. 1. What is the due date for the deposit of these taxes? April 15 2. Assume that no deposit was made until April 29 (14 days late). Compute the following penalties. Assume a. Penalty for failure to make timely deposit. 125.5 X b. Penalty for failure to fully pay tax. %24 12.53 V C. Interest on taxes due and unpaid (assume a 6% interest rate). 4.80 X d. Total penalty imposed. 142.58 X Feedback TOheck My WWork 1. Determine correct due date of monthly deposit. 2. a. Determine penalty for Failure to Make Timely Deposit: $ b. Determine penalty for Failure to Fully Pay Tax: $. C. Determine annual interest rate (based on 365 days): $. d. Equals the total penalty imposed: $ per month

PAYROLL ACCT.,2019 ED.(LL)-TEXT

19th Edition

ISBN:9781337619783

Author:BIEG

Publisher:BIEG

Chapter5: Unemployment Compensation Taxes

Section: Chapter Questions

Problem 16PB

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