Problem 26-20 (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. Ignore the failure to pay penalty in your computations. Penalty a. Two months late, $1,000 additional tax due. Five months late, $3,000 additional tax due. Eight months late, $4,000 additional tax due. Two and a half months late, $3,000 additional tax due. 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. b. C. d. e. $ $ $ $ $ 100 X 750 1,000 450 3,000 13,500 X
Problem 26-20 (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. Ignore the failure to pay penalty in your computations. Penalty a. Two months late, $1,000 additional tax due. Five months late, $3,000 additional tax due. Eight months late, $4,000 additional tax due. Two and a half months late, $3,000 additional tax due. 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. b. C. d. e. $ $ $ $ $ 100 X 750 1,000 450 3,000 13,500 X
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Problem 26-20 (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. Ignore the failure to pay penalty in your computations.
Penalty
a. Two months late, $1,000 additional tax due.
b. Five months late, $3,000 additional tax due.
C.
d. Two and a half months late, $3,000 additional tax due.
e.
Eight months late, $4,000 additional tax due.
f.
Five months late due to fraud by Rita, $4,000 additional tax due.
Ten months late due to fraud by Rita, $15,000 additional tax due.
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$
$
$
$
$
100 X
750
1,000
450
3,000
13,500 X
To promote and enforce taxpayer compliance with the U.S. voluntary self assessment system of taxation, Congress has enacted a
comprehensive array of penalties.
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