Required: Victoria's 2020 tax return was due on April 15, 2021, but she did not file it until June 12, 2021. Victoria did not file an extension. The tax due on the tax return when filed was $9,900. In 2020, Victoria paid in $16,200 through withholding. Her 2019 tax liability was $14,300. Victoria's AGI for 2020 is less than $150,000. How much penalty will Victoria have to pay (disregard interest)?
Required: Victoria's 2020 tax return was due on April 15, 2021, but she did not file it until June 12, 2021. Victoria did not file an extension. The tax due on the tax return when filed was $9,900. In 2020, Victoria paid in $16,200 through withholding. Her 2019 tax liability was $14,300. Victoria's AGI for 2020 is less than $150,000. How much penalty will Victoria have to pay (disregard interest)?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
How much penalty will Victoria have to pay (disregard interest)?
See picture for full problem.
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 3 steps
Follow-up Questions
Read through expert solutions to related follow-up questions below.
Follow-up Question
How are you coming up with $9300 *0.05%? wouldn't it be $9900 x .05%?
Solution
by Bartleby Expert
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education