b. Joan filed her individual income tax return 4(1)/(2) months after it was due. She did not request an extension of time for filing. Along with her return, Joan remitted a check for $750, which was the balance of the taxes she owed with her return. Disregarding interest, calculate the total penalty that Joan will be required to pay, assuming the failure to file was not fraudulent.

b. Joan filed her individual income tax return 4(1)/(2) months after it was due. She did not request an extension of time for filing. Along with her return, Joan remitted a check for $750, which was the balance of the taxes she owed with her return. Disregarding interest, calculate the total penalty that Joan will be required to pay, assuming the failure to file was not fraudulent.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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