LO.6 Rita forgot to pay her Federal income tax on time. When she actually filed, she reported a balance due. Compute Rita's failure to file penalty in each of the following cases. a. Two months late, $1,000 additional tax due. b. Five months late, $3,000 additional tax due. c. Eight months late, $4,000 additional tax due. d. Three and a half months late, $3,000 additional tax due. e. Five months late due to fraud by Rita, $4,000 additional tax due. f. Ten months late due to fraud by Rita, $15,000 additional tax due.
LO.6 Rita forgot to pay her Federal income tax on time. When she actually filed, she reported a balance due. Compute Rita's failure to file penalty in each of the following cases. a. Two months late, $1,000 additional tax due. b. Five months late, $3,000 additional tax due. c. Eight months late, $4,000 additional tax due. d. Three and a half months late, $3,000 additional tax due. e. Five months late due to fraud by Rita, $4,000 additional tax due. f. Ten months late due to fraud by Rita, $15,000 additional tax due.
Chapter26: Tax Practice And Ethics
Section: Chapter Questions
Problem 20P
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Transcribed Image Text:LO.6 Rita forgot to pay her Federal income tax on time. When she actually filed, she reported a balance due.
Compute Rita's failure to file penalty in each of the following cases.
a. Two months late, $1,000 additional tax due.
b. Five months late, $3,000 additional tax due.
c. Eight months late, $4,000 additional tax due.
d. Three and a half months late, $3,000 additional tax due.
e. Five months late due to fraud by Rita, $4,000 additional tax due.
f. Ten months late due to fraud by Rita, $15,000 additional tax due.
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