What is the due date for the deposit of these taxes

Assignment Help Accounting Basics
Reference no: EM132702723

Problem - Vulcan Company is a monthly depositor whose tax liability for March 20-- is $2,505.

1. What is the due date for the deposit of these taxes?

2. Assume that no deposit was made until April 29 (14 days late). Compute the following penalties:

a. Penalty for failure to make timely deposit.

b. Penalty for failure to fully pay tax.

c. Interest on taxes due and unpaid (assume a 6% interest rate).

d. Total penalty imposed.

Reference no: EM132702723

Questions Cloud

Determine practical preventative internal control procedure : Okawa Limited is a leading automotive repair centre, Determine a practical preventative internal control procedure that would assist in mitigating the risks
What arekey ideas discussed in the assigned pages : What are three (at least) key ideas discussed in the assigned pages? What struck you the most in reading these pages? How does the reading affect your.
Venture management-employee motivation : So far, you have learned the responsibilities of the manager's job, entrepreneurship and new venture management, employee motivation
Provide adjustment journal entries for the events : Provide adjustment journal entries for the events listed above that should be included in the consolidation worksheet as at 30 June 2020.
What is the due date for the deposit of these taxes : Vulcan Company is a monthly depositor whose tax liability for March 20-- is $2,505. What is the due date for the deposit of these taxes
How much control government should over rental properties : Discuss whether rental properties are a good investment. Talk about how much control the government should have over rental properties
Delayed response and inefficiency in preparing financial : What is the main reason behind delayed response and inefficiency in preparing the financial statements on time?
Make journal entries to record each of the transactions : Prepare journal entries to record each of the transactions of a merchandise company. The company uses a perpetual inventory system
Determine the taxable income if the taxpayer domestic corp : Capital Loss (capital asset was held for three months) 60,000. Determine the Taxable Income in 2018 and 2019 if the taxpayer is Domestic Corporation

Reviews

Write a Review

Accounting Basics Questions & Answers

  Make a cost of production report for may

During May, all direct materials are transferred from Department A, the units in process at May 1 were completed, Prepare a cost of production report for May

  Hibbett company does not segregate sales and sales taxes

hibbett company does not segregate sales and sales taxes on its cash register. its register total for the month is

  Discuss joanna business strategy in detail

This year, the unit cost was $2, and Joanna is confident that it will drop by 25% next year. Discuss Joanna business strategy in detail

  Which of the following bank reconciliation items would not

1 a restrictive endorsement on a check a can be further endorsed by someone else. b permits the bank to use its best

  Can george claim andy as a dependent

George contributed $3,000 (food, shelter, and medical care) toward the support of his nephew, Andy, who lives with him. Andy earned $1,000 from a part-time job and received a $2,000 scholarship to attend a local university. Can George claim Andy a..

  What is the annual depreciation expense for 2016

What is the annual depreciation expense for 2016, Compute the depreciation expense under the following methods

  What is simss taxable gain on the sale

She lived continuously in the home since she purhcased it. In December, 2016 she sells her home for $405,000. What is Sims's taxable gain on the sale

  A sports bar and grill in birmingham

Rodney owns 4 businesses and wants you to help with his tax return. Based on the following information, explain how you would add these activities to his 1040 form and list the forms needed along with what would be included on each form. Wha..

  Journalize the entry to record the standard direct

journalize the entry to record the standard direct materials used in production. if required round your answers to two

  Exacto company reported the following net income and

exacto company reported the following net income and dividends for the years indicated year net income dividends 20x5

  Estimate the effects of falsifying records diverting cash

estimate the effects of falsifying records diverting cash to ghost employees and duplicating expenses on a small

  Determine the amount of the pbo

During 2009, pension benefits paid were $40,000. The discount rate for the plan for this year was 10%. Service cost for 2009 was $80,000. Plan assets (fair value) increased during the year by $45,000. Required: Determine the amount of the PBO at D..

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!

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