Wade filed his Federal income tax return on time but did not remit the balance due. Enter Wade's failure to pay penalty in each of the following cases.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Wade filed his Federal income tax return on time but did not remit
the balance due.
Enter Wade's failure to pay penalty in each of the following cases.
If required, round your final answers to the nearest dollar.
a.
b.
C.
Penalty
Four months late, $6,950 additional tax due.
Ten months late, $9,730 additional tax due.
Five years late, $11,120 additional tax due.
tA
tA
LA
Transcribed Image Text:Wade filed his Federal income tax return on time but did not remit the balance due. Enter Wade's failure to pay penalty in each of the following cases. If required, round your final answers to the nearest dollar. a. b. C. Penalty Four months late, $6,950 additional tax due. Ten months late, $9,730 additional tax due. Five years late, $11,120 additional tax due. tA tA LA
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