Yelman Company is a monthly depositor whose tax liability for June 2016 is $3,930. 1. What is
Question:
Yelman Company is a monthly depositor whose tax liability for June 2016 is $3,930.
1. What is the due date for the deposit of these taxes? _________
2. Assume that no deposit was made until August 5. 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. $________
d. Total penalty imposed. $________
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The due date for the deposit of these taxes depends on the deposit schedule assigned by the IRS based on the total tax liability reported on the busin...View the full answer
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