4 Mr. and Mrs. Gomez failed to apply for an extension of time to file their 2022 Form 1040 and didn't mail the return to the IRS until May29, 2023. Assuming the Gomez's had no excuse for filing a delinquent return:Required:a. Compute their late-filing and late-payment penalty if the return showed a $20,358 balance of tax due.b. Compute their late-filing and late-payment penalty if the return showed a $7,158 refund due.Complete this question by entering your answers in the tabs below.Required A Required BCompute their late-filing and late-payment penalty if the return showed a $20,358 balance of tax due.Note: Round your answer to the nearest whole dollar amount. Enter a "0" if taxpayer is not subject to penalty.Late-filing and late-payment penalty$ 26,018 X< Required ARequired B>

Combined penalty must be levied on the due amount since Mr. and Mrs. Gomez failed to file their…

Mr. and Mrs. Gomez failed to apply for an extension of time to file their 2022 Form 1040 and didn't mail the return to the IRS until May 29, 2023. Assuming the Gomez's had no excuse for filing a delinquent return:

Mr. and Mrs. Gomez failed to apply for an extension of time to file their 2022 Form 1040 and didn't mail the return to the IRS until May 29, 2023. Assuming the Gomez's had no excuse for filing a delinquent return:

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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Question

Mr. and Mrs. Gomez failed to apply for an extension of time to file their 2022 Form 1040 and didn't mail the return to the IRS until May
29, 2023. Assuming the Gomez's had no excuse for filing a delinquent return:
Required:
a. Compute their late-filing and late-payment penalty if the return showed a $20,358 balance of tax due.
b. Compute their late-filing and late-payment penalty if the return showed a $7,158 refund due.
Complete this question by entering your answers in the tabs below.
Required A Required B
Compute their late-filing and late-payment penalty if the return showed a $20,358 balance of tax due.
Note: Round your answer to the nearest whole dollar amount. Enter a "0" if taxpayer is not subject to penalty.
Late-filing and late-payment penalty
$ 26,018 X
< Required A
Required B
>

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