Tax penalties. Joey, single, owned and operated a marina and night club. He did not file his 2019 return until January 2021. Even when he filed his return, the amount of tax on the return ($22,500) was incorrect. John carelessly forgot to include $32,350 in income- from marina fees paid in cash. His tax should have been $29,600. Determine the amount of tax penalties Joey owes.

Tax penalties. Joey, single, owned and operated a marina and night club. He did not file his 2019 return until January 2021. Even when he filed his return, the amount of tax on the return ($22,500) was incorrect. John carelessly forgot to include $32,350 in income- from marina fees paid in cash. His tax should have been $29,600. Determine the amount of tax penalties Joey owes.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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