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 9AP
To determine
Determine the penalty for late-filing.
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. Â 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 $9,695 refund in taxes.
Calculate the amount of Jack's penalty for failure to file his tax return on time, assuming the failure-to-file was not fraudulent.$
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).
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.
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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- Joan filed her individual income tax return 4½ 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.arrow_forwardAnswer the following:  a. ​ ​ Geoffrey filed his tax return 2 months and 8 days late and had not requested an extension of time for filing. Geoffrey's return indicated that he is to receive a $600 refund in taxes. Calculate the amount of Geoffrey's penalty for failure to file his tax return on time, assuming the failure to file was not fraudulent. b. ​ ​ ​ ​ 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_forwardJim files his return one month after the due date and pays the remaining $8,000 of tax owed by him. What are his delinquency penalties?arrow_forward
- Jolene 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_forwardDetermine the amount of the late filing and late payment penalties that apply for the following taxpayers. Required: a. Jolene filed her tax return by its original due date but did not pay the $2,000 in taxes she owed with the return until one and a half months later. b. Oscar filed his tax return and paid his $3,000 tax liability five months late. c. Wilfred, attempting to evade his taxes, did not file a tax return or pay his $10,000 in taxes for several years. Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Required A Required B Required C Wilfred, attempting to evade his taxes, did not file a tax return or pay his $10,000 in taxes for several years. Late filing and late payment penalties $ 7,500arrow_forwardDetermine the amount of the late filing and late payment penalties that apply for the following taxpayers. Required: a. Jolene filed her tax return by its original due date but did not pay the $1,300 in taxes she owed with the return until one and a half months later. b. Oscar filed his tax return and paid his $2,300 tax liability five months late. c. Wilfred, attempting to evade his taxes, did not file a tax return or pay his $10,800 in taxes for several years.arrow_forwardDetermine the amount of the late filing and late payment penalties that apply for the following taxpayers. Required: a. Jolene filed her tax return by its original due date but did not pay the $1,600 in taxes she owed with the return until one and a half months later. b. Oscar filed his tax return and paid his $2,600 tax liability five months late. c. Wilfred, attempting to evade his taxes, did not file a tax return or pay his $11,400 in taxes for several years. Complete this question by entering your answers in the tabs below. Required A Required B Required C Oscar filed his tax return and paid his $2,600 tax liability five months late. Late filing and late payment penalties $ 650arrow_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_forwardb.  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 $11,510, which was the balance of the taxes she owed with her return. Disregarding interest, calculate the total penalties that Joan will be required to pay, assuming the failure to file was not fraudulent.$arrow_forwardRita files her income tax return 180 days after the due date of the return without obtaining an extension from the IRS. Along with the return, she remits a check for $74,000, 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 $ Failure to file penalty $arrow_forwardJoan 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!arrow_forwardIsabella 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 Isabella's penalty amount for each, failure to file and failure to pay.arrow_forwardarrow_back_iosSEE MORE QUESTIONSarrow_forward_ios
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