Jackal Company's (a monthly depositor) tax liability (amount withheld from employees' wages for federal income tax and FICA tax plus the company's portion of the FICA tax) for July was $2,780. No deposit was made by the company until August 22, 20-- (7 days late). Determine the following:

A. The date by which the deposit should have been made

B. The penalty for failure to make a timely deposit

C. The penalty for failure to fully pay tax when due

D. The interest on taxes due and unpaid (assume a 5% interest rate)

Answer rating: 100% (QA)

A August 15 you must deposit taxes on payments made in July by August 15 If the 15th of any calend... View the full answer