In 2016, Paul, who is single, has a comfortable salary from his job as well as income

Question:

In 2016, Paul, who is single, has a comfortable salary from his job as well as income from his investment portfolio. However, he is habitually late in filing his federal income tax return. He did not file his 2016 income tax return until December 4, 2017 (due date was April 18, 2017) and no extensions of time to file the return were filed. Below are amounts from his 2016 return:

Taxable income 
$140,000
Total tax liability on taxable income 
32,237
Total federal tax withheld from his salary 
26,808


Paul sent a check with his return to the IRS for the balance due of $5,429. He is relieved that he has completed his filing requirement for 2016 and has met his financial obligation to the government for 2016.
Has Paul met all of his financial obligations to the IRS for 2016? If not, what additional amounts will Paul be liable to pay to the IRS?

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For  book-img-for-question

Federal Taxation 2018 Comprehensive

ISBN: 9780134532387

31st Edition

Authors: Thomas R. Pope, Timothy J. Rupert, Kenneth E. Anderson

Question Posted: