How much does marty owe in penalties due to this late filing

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Question - Marty forgot to file his tax return for Year 8. His taxable income for Year 8 was $350,000. His tax liability before payments was $74,000. He had federal income tax withheld from his pay of $52,000 and made estimated tax payments of $23,000. He finally filed his Year 8 tax return on December 10, Year 9. How much does Marty owe in penalties due to this late filing?

a. $0.

b. $7,400.

c. $14,700.

d. $55,500.

Reference no: EM132529735

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