1, If an amount is zero, enter "0". If required, round your answers to two...
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Accounting
1, If an amount is zero, enter "0". If required, round your answers to two decimal places.
a. Wilson filed his individual tax return on the original due date, but failed to pay $17,220 in taxes that were due with the return.
If Wilson pays the taxes exactly 2 months late, calculate the amount of his failure-to-pay penalty. $
b. Joan filed her individual income tax return 4 months after it was due. She did not request an extension of time for filing. Along with her return, Joan remitted a check for $16,460, which was the balance of the taxes she owed with her return.
Disregarding interest, calculate the total penalties that Joan will be required to pay, assuming the failure to file was not fraudulent. $
c. Jack filed his tax return 7 months and 1 days late and did not request an extension of time for filing. Jack's return indicated that he is to receive a $5,495 refund in taxes.
Calculate the amount of Jack's penalty for failure to file his tax return on time, assuming the failure-to-file was not fraudulent. $
2, Linda underpaid her taxes for the current year by $24,000 due to negligence.
a. Calculate Linda's accuracy-related penalty for negligence. $
b. Assume that the underpayment of taxes by Linda was determined to be fraudulent, and calculate the total amount of Linda's fraud penalty. $
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