User Account

All Pages

Calculate the amount of his failure-to-pay penalty

Assignment Help Accounting Basics
Reference no: EM132042864

Question -

a. Wilson filed his individual tax return on the original due date, but failed to pay $1,220 in taxes that were due with the return. If Wilson pays the taxes exactly 12 months late, calculate the amount of his failure-to-pay penalty.

b. 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 $5,660, 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 1 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 $3,570 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.

Reference no: EM132042864

Questions Cloud

How many units must be sold : Assume the following information: Selling price per unit $180 Contribution margin ratio: 48%, How many units must be sold to generate a before-tax profit
Options for research methods in psychology : As you think about the various options for research methods in psychology, what are three rules of thumb that you see are important for psychology students
Training for paraprofessionals : Detailed two Training Lessons to include activities that participants will engage in .This section should be viewed as your actual lesson plan.
The forced ranking performance appraisal system : By surveying employees before and after the introduction of the forced ranking performance appraisal system, Ben was able to do which of the following?
Calculate the amount of his failure-to-pay penalty : Wilson filed his individual tax return on the original due date, but failed to pay $1,220 in taxes, calculate the amount of his failure-to-pay penalty
Describe the product and the new marketing strategy : Please identify a specific product that could benefit from a new marketing strategy. Describe the product and the new marketing strategy you would.
Describe how your body reacted : Describe how your body reacted and what emotions you felt during each of the identified bio-reactions.
What is the company wacc in given case : Debt: 10,000 6 percent coupon bonds outstanding, $1,000 par value, 15 years to maturity, selling for 105 percent of par; the bonds make semiannual payments.
What is the amount and character of tyson recognized loss : What is the amount and character of Tyson's recognized gain or loss? What is Tyson's basis in the distributed inventory

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Theory of interest - term structure of interest rates

Term Structure of Interest Rates

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd