Jennie received a 6-month extension (to October 15, 2021) to file her 2020 tax return. Jennie actually filed the return on November 20, 2021, paying the $20,000 amount due at that time. She has no reasonable cause for failing to file the return by October 15 or for failing to pay the tax that was due on April 15, 2021. How much is the failure-to-pay penalty? Question 17 options: a) $800 b) $700 c) $2,000 d) $1,000

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
icon
Related questions
Question
Jennie received a 6-month extension (to October 15, 2021) to file her 2020 tax return. Jennie actually filed
the return on November 20, 2021, paying the $20,000 amount due at that time. She has no reasonable
cause for failing to file the return by October 15 or for failing to pay the tax that was due on April 15, 2021.
How much is the failure-to-pay penalty?
Question 17 options:
a) $800
b) $700
c) $2,000
d) $1,000
Transcribed Image Text:Jennie received a 6-month extension (to October 15, 2021) to file her 2020 tax return. Jennie actually filed the return on November 20, 2021, paying the $20,000 amount due at that time. She has no reasonable cause for failing to file the return by October 15 or for failing to pay the tax that was due on April 15, 2021. How much is the failure-to-pay penalty? Question 17 options: a) $800 b) $700 c) $2,000 d) $1,000
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 3 steps

Blurred answer
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education