Reference no: EM132008066
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. $
b. Joan filed her individual income tax return 9 months after it was due. She did not request an extension of time for filing. Along with her return, Joan remitted a check for $17,360, 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 5 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 $4,795 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.
|
Describe the purpose of a scientific investigation
: Choose an empirical article from a professional journal where the author(s) describe the purpose, method, and results of a scientific investigation.
|
|
Which ethical standards for managerial accountants involved
: Discuss whether the ways described above to increase profits are ethical. Why or why not? Which ethical standards for managerial accountants are involved
|
|
What are the principal differences
: What similarities do you see between the balance sheets and income statements of smaller community banks versus major money center banks
|
|
Prepare a bank reconciliation at november
: Prepare a bank reconciliation (to the correct balance) at November 30, for Haselhof Inc. from the information above
|
|
Amount of penalty for failure to file his tax return on time
: Calculate the amount of Jack's penalty for failure to file his tax return on time, assuming the failure-to-file was not fraudulent.
|
|
Estimate the number of pickpockets in a certain city
: A statistician is collecting data to help her estimate the number of pickpockets in a certain city.
|
|
What was the percentage rate of return on plan assets
: Pension plan assets were $91 million at the beginning of the year and $97 million at the end of the year. What was the percentage rate of return on plan assets
|
|
What is the expected return of portfolio
: What is the expected return of your portfolio if Jacob, Bella, and Edward have expected returns of 0.01, 0.20, and 0.19, respectfully?
|
|
What conditions must the company meet to recognize revenue
: Question - Professional Research: FASB Codification. When there is a right of return, what conditions must the company meet to recognize revenue at time sale
|