Vulcan Company is a monthly depositor whose tax liability for March 20-- is $3,130. 1.  What is the due date for the deposit of these taxes?   2.  Assume that no deposit was made until April 29 (14 days late). Compute the following penalties. Assume a 365-day year in your computations. Round your answers to the nearest cent. a.  Penalty for failure to make timely deposit. $fill in the blank 2 b.  Penalty for failure to fully pay tax. $fill in the blank 3 c.  Interest on taxes due and unpaid (assume a 6% interest rate). $fill in the blank 4 d.  Total penalty imposed.

PAYROLL ACCT.,2019 ED.(LL)-TEXT
19th Edition
ISBN:9781337619783
Author:BIEG
Publisher:BIEG
Chapter3: Social Security Taxes
Section: Chapter Questions
Problem 5SSQ: _____1. Johnson Industries, a semiweekly depositor, pays its employees every Friday. When should the...
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  1. Vulcan Company is a monthly depositor whose tax liability for March 20-- is $3,130.

    1.  What is the due date for the deposit of these taxes?

     

    2.  Assume that no deposit was made until April 29 (14 days late). Compute the following penalties. Assume a 365-day year in your computations. Round your answers to the nearest cent.

    a.  Penalty for failure to make timely deposit. $fill in the blank 2
    b.  Penalty for failure to fully pay tax. $fill in the blank 3
    c.  Interest on taxes due and unpaid (assume a 6% interest rate). $fill in the blank 4
    d. 

    Total penalty imposed.

     

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