Principles Of Taxation For Business And Investment Planning 2020 Edition
23rd Edition
ISBN: 9781259969546
Author: Sally Jones, Shelley C. Rhoades-Catanach, Sandra R Callaghan
Publisher: McGraw-Hill Education
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Question
Chapter 18, Problem 7AP
To determine
Determine the penalty for late-filing and late-payment, if the tax refund due as per Form 1040.
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Compute the penalty described for the following taxpayers.
If an amount is zero, enter "0". If required, round your answers to two decimal places.
a. Wilson filed his individual tax return on the original due date, but failed to pay $16,220 in taxes that were
due with the return.
If Wilson pays the taxes exactly 9 months late, calculate the amount of his failure-to-pay penalty.
Joan filed her individual income tax return 4% months after it was due. She did not request an extension of
time for filing. Along with her return, Joan remitted a check for $750, which was the balance of the taxes
she owed with her return. Disregarding interest, calculate the total penalties that Joan will be required to
pay, assuming the failure to file was not fraudulent.
187.50 and 168.75 are incorrect. Please help me with this problem!
Joan filed her individual income tax return 3 months after it was due. She did not request an extension of time for filing. Along with her return, Joan remitted a check for $125, which was the balance of the taxes she owed with her return.
Disregarding interest, calculate the total penalties that Joan will be required to pay, assuming the failure to file was not fraudulent.
Chapter 18 Solutions
Principles Of Taxation For Business And Investment Planning 2020 Edition
Ch. 18 - Prob. 1QPDCh. 18 - Prob. 2QPDCh. 18 - Prob. 3QPDCh. 18 - Prob. 4QPDCh. 18 - Prob. 5QPDCh. 18 - Prob. 6QPDCh. 18 - Prob. 7QPDCh. 18 - Prob. 8QPDCh. 18 - Prob. 9QPDCh. 18 - Prob. 10QPD
Ch. 18 - Prob. 11QPDCh. 18 - Prob. 12QPDCh. 18 - Prob. 13QPDCh. 18 - Prob. 14QPDCh. 18 - Prob. 1APCh. 18 - Prob. 2APCh. 18 - Prob. 3APCh. 18 - Prob. 4APCh. 18 - Prob. 5APCh. 18 - Prob. 6APCh. 18 - Prob. 7APCh. 18 - Prob. 8APCh. 18 - Prob. 9APCh. 18 - Prob. 10APCh. 18 - Prob. 11APCh. 18 - Prob. 12APCh. 18 - A revenue agent determined that Ms. Owen underpaid...Ch. 18 - Prob. 14APCh. 18 - Prob. 15APCh. 18 - Prob. 16APCh. 18 - Prob. 17APCh. 18 - Prob. 18APCh. 18 - Prob. 19APCh. 18 - Prob. 20APCh. 18 - Prob. 22APCh. 18 - Prob. 8IRPCh. 18 - Prob. 9IRPCh. 18 - Prob. 1RPCh. 18 - Prob. 2RPCh. 18 - Prob. 1TPCCh. 18 - Prob. 2TPC
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- John filed his individual income tax return 3½months after it was due. He had not requested an extension of time for filing. Along with his return, John remitted a check for $1,000, which was the balance of the taxes he owed with his return. Disregarding interest, calculate the total penalty that John will be required to pay, assuming the failure to file was not fraudulent (and that he is not subject to failure-to-pay penalties).arrow_forwardCompute the penalty described for the following taxpayers. If an amount is zero, enter "0". If required, round your answers to two decimal places. a. Wilson filed his individual tax return on the original due date but failed to pay $630 in taxes that were due with the return. If Wilson pays the taxes exactly 3 months late, calculate the amount of his failure-to-pay penalty.$ b. Joan filed her individual income tax return 5 months after it was due. She did not request an extension of time for filing. Along with her return, Joan remitted a check for $275, which was the balance of the taxes she owed with her return. Disregarding interest, calculate the total penalties that Joan will be required to pay, assuming the failure to file was not fraudulent.$ c. Jack filed his tax return 4 months and 6 days late and did not request an extension of time for filing. Jack's return indicated that he is to receive a $9,695 refund in taxes. Calculate the amount of Jack's…arrow_forward. Jack filed his tax return 8 months and 27 days late and did not request an extension of time for filing. Jack's return indicated that he is to receive a $9,695 refund in taxes. Calculate the amount of Jack's penalty for failure to file his tax return on time, assuming the failure-to-file was not fraudulent.$arrow_forward
- 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.arrow_forwardJolene filed her tax return by its original due date but did not pay the $1,700 in taxes she owed with the return until one and a half months later. Determine the amount of the late filing and late payment penalties that apply.arrow_forwardAlexi 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.arrow_forward
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