Income Tax Fundamentals 2020
38th Edition
ISBN: 9780357391129
Author: WHITTENBURG
Publisher: Cengage
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Chapter 12, Problem 6MCQ
To determine
Introduction: The Internal Revenue Service (IRS) has a wide range of functions and responsibilities such as look after of administration of federal taxes, and to perform duties like estimating, determining, and collecting taxes in the form of revenue to the government. It also performs tax return audits and imposes penal provisions. It is the office within the revenue department. The task of the department is to provide the taxpayers with quality service by assisting them in proving knowledge content so the taxpayers understand their tax responsibility and pay taxes timely. It is important in maintaining and establishing tax laws.
To choose: M’s penalty if M fails to file the tax return on time.
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Alexi files her tax return 14 days after the due date. Along with the return, she remits a check for $16,800, which is the balance of the tax
she owes. The failure to file is not attributable to fraud.
Assume 30 days in a month.
If required, round your answers to nearest whole value.
Disregarding any interest liabilities, Alexi's total penalties are as follows:
Failure to pay penalty: $
Failure to file penalty: $
X.
X.
Alexi files her tax return 29 days after the due date. Along with the return, she remits a check for $9,500, which is the balance of the tax she owes. The failure to file is not attributable to fraud.
Assume 30 days in a month.
If required, round your answers to nearest whole value.
Disregarding any interest liabilities, Alexi's total penalties are as follows:
Failure to pay penalty: $fill in the blank 1.Failure to file penalty: $fill in the blank 2.
Rita files her income tax return 35 days after the due date of the return without obtaining an extension from the IRS. Along with the return, she remits a check for $40,000, which is the balance of the tax she owes.
Note: Assume 30 days in a month.
Disregarding the interest element, enter Rita's failure to file penalty and failure to pay penalty.
Failure to pay penalty
$fill in the blank 1
Failure to file penalty
$fill in the blank 2
Chapter 12 Solutions
Income Tax Fundamentals 2020
Ch. 12 - Which of the following is a responsibility of a...Ch. 12 - Prob. 2MCQCh. 12 - Prob. 3MCQCh. 12 - Prob. 4MCQCh. 12 - Prob. 5MCQCh. 12 - Prob. 6MCQCh. 12 - Prob. 7MCQCh. 12 - Prob. 8MCQCh. 12 - Prob. 9MCQCh. 12 - Prob. 10MCQ
Ch. 12 - Prob. 11MCQCh. 12 - Prob. 12MCQCh. 12 - Which of the following have privileged...Ch. 12 - Prob. 14MCQCh. 12 - Prob. 15MCQCh. 12 - Prob. 16MCQCh. 12 - Prob. 17MCQCh. 12 - Taxpayers have the right to have an IRS...Ch. 12 - If a U.S. Tax Court agrees with the taxpayer on...Ch. 12 - If the IRS owes a taxpayer a refund, the law...Ch. 12 - Prob. 21MCQCh. 12 - Melodie's taxable income is $39,000 and she pays...Ch. 12 - Jim has a house payment of $2,000 per month of...Ch. 12 - Indicate which of the following statements are...Ch. 12 - Prob. 2PCh. 12 - Prob. 3PCh. 12 - In the 2019 tax year, Michelle paid the following...Ch. 12 - Prob. 5PCh. 12 - Prob. 6PCh. 12 - Prob. 7PCh. 12 - Prob. 8PCh. 12 - Prob. 9PCh. 12 - Prob. 10PCh. 12 - Prob. 11PCh. 12 - Prob. 12P
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