Molly Ellen, bookkeeper for Keystone Company, forgot to send in the payroll taxes due on April 15. She sent the payment November 8. The IRS sent her a penalty charge of 10.00% simple interest on the unpaid taxes of $4,800. Calculate the penalty. (Remember that the government uses exact interest.) (Use Days in a year table.) (Do not round intermediate calculations. Round your answer to the nearest cent.) Penalty

Molly Ellen, bookkeeper for Keystone Company, forgot to send in the payroll taxes due on April 15. She sent the payment November 8. The IRS sent her a penalty charge of 10.00% simple interest on the unpaid taxes of $4,800. Calculate the penalty. (Remember that the government uses exact interest.) (Use Days in a year table.) (Do not round intermediate calculations. Round your answer to the nearest cent.) Penalty

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Description: Molly Ellen, bookkeeper for Keystone Company, forgot to send in the payroll taxes due on April 15. She sent the payment November 8.The IRS sent her a penalty charge of 10.00% simple interest on the unpaid taxes of $4,800. Calculate the penalty. (Rem

SWFT Comprehensive Volume 2019

42nd Edition

ISBN:9780357233306

Author:Maloney

Publisher:Maloney

Chapter7: Deductions And Losses: Certain Business Expenses And Losses

Section: Chapter Questions

Problem 30P

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Molly Ellen, bookkeeper for Keystone Company, forgot to send in the payroll taxes due on April 15. She sent the payment November 8. The IRS sent her a penalty charge of 8% simple interest on the unpaid taxes of $4,100. Required: How many days late was the tax payment? What is the amount of the penalty (use exact interest)?
Molly Ellen, bookkeeper for Keystone Company, forgot to send in the payroll taxes due on April 15. She sent the payment November 8. The IRS sent her a penalty charge of 9.40% simple interest on the unpaid taxes of $4,200. Calculate the penalty. (Remember that the government uses exact interest.) (Use Days in a year table.) (Do not round intermediate calculations. Round your answer to the nearest cent.)
Molly Ellen, bookkeeper for Keystone Company, forgot to send in the payroll taxes due on April 15. She sent the payment November 8. The IRS sent her a penalty charge of 6.60% simple interest on the unpaid taxes of $1,600. Calculate the penalty. (Remember that the government uses exact interest.)
Molly Ellen, bookkeeper for Keystone Company, forgot to send in the payroll taxes due on April 15. She sent the payment November 8. The IRS sent her a penalty charge of 8% simple interest on the unpaid taxes of $4,100. Due date: 15-April Payment sent on: 8-November Penalty charge of simple interest: 8% Unpaid taxes amount: $ 4,100.00 Required: Please use the above information to answer the following How many days late was Molly Ellen in sending payroll taxes? Calculate the penalty. Note: Remember that the government uses exact interest.
Keyshawn Brown prepared and signed last year's tax return on April 3 but forgot to mail the return until the morning of April 20. Keyshawn enclosed a check for the $3,612 balance of tax due with the return. Required: Compute the late-filing and late-payment penalty. Note: Round your answer to the nearest whole dollar amount. Late-filing and late-payment penalty
Vulcan Company is a monthly depositor whose tax liability for March 20-- is $3,130. 1. What is the due date for the deposit of these taxes? 2. Assume that no deposit was made until April 29 (14 days late). Compute the following penalties. Assume a 365-day year in your computations. Round your answers to the nearest cent. a. Penalty for failure to make timely deposit. $fill in the blank 2 b. Penalty for failure to fully pay tax. $fill in the blank 3 c. Interest on taxes due and unpaid (assume a 6% interest rate). $fill in the blank 4 d. Total penalty imposed.
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Ron Prentice bought goods from Shelly Katz. On April 8, Shelly gave Ron a time extension on his bill by accepting a $2,520, 10%, 190- day note. On July 14, Shelly discounted the note at Roseville Bank at 10%. (Use Days in a year table.) What proceeds does Shelly Katz receive? Note: Use 360 days a year. Do not round intermediate calculations. Round your answer to the nearest cent. Proceeds received
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