Calculate the amount of Jack penalty for failure

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Problem -

1. Wilson filed his individual tax return on the original due date, but failed to pay $700 in taxes that were due with the return. If Wilson pays the taxes exactly 2 months late, calculate the amount of his failure-to-pay penalty.

2. Joan filed her individual income tax return 41⁄2 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 penalty that Joan will be required to pay, assuming the failure to file was not fraudulent.

3. Jack filed his tax return 2 months and 3 days late and did not request an extension of time for filing. Jack's return indicated that he is to receive a $50 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: EM132677371

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