Determine the amount of the late filing and late payment penalties that apply for the following taxpayers.
Question:
a. Jolene filed her tax return by its original due date but did not pay the $2,000 in taxes she owed with the return until one and a half months later.
b. Oscar filed his tax return and paid his $3,000 tax liability 7 months late.
c. Wilfred, attempting to evade his taxes, did not file a tax return or pay his $10,000 in taxes for several years.
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a 20 Jolene will owe 2 months of the late payment penalty at 5 per month ie 1 of her 2000 underpa...View the full answer
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Related Book For
Taxation Of Individuals And Business Entities 2015
ISBN: 9780077862367
6th Edition
Authors: Brian Spilker, Benjamin Ayers, John Robinson, Edmund Outslay, Ronald Worsham, John Barrick, Connie Weaver
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