Determine the amount of tax penalties Joey owes.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Tax penalties. Joey, single, owned and operated a marina and night club. He did not file his 2019 return until January 2021. Even when he filed his return, the amount of tax on the return ($22,500) was incorrect. John carelessly forgot to include $32,350 in income from marina fees paid in cash. His tax should have been $29,600. Determine the amount of tax penalties Joey owes.
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