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)?
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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. 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.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 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 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 %24 hpKeyshawn 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 penaltyVulcan Company is a monthly depositor whose tax liability for March 20-- is $3,200. 1. What is the due date for the deposit of these taxes?April 15 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. $ b. Penalty for failure to fully pay tax. $ c. Interest on taxes due and unpaid (assume a 6% interest rate). $ d. Total penalty imposed.
- 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.Suppose you are in a hurry to get your income tax refund. If you mail your tax return, you will receive your refund in 3 weeks. If you file the return electronically through a tax service, you can get the estimated refund tomorrow. The service subtracts a $50 fee and pays you the remaining expected refund. The actual refund is then mailed to the preparation service. Assume you expect to get a refund of $978. What is the APR (annual percentage rate) with weekly compounding? What is the EAR (effective annual percentage rate)? How large does the refund have to be for the APR to be 15%? .A bond with a 7% annual coupon and 10 years to maturity has YTM=9 %p.a. What is the bond price today, if its par (face) value is $1,000? . A bank agrees to lend you $3,000 today in return for your promise to pay back $5,287 5 years from today. What rate of interest is the bank charging you?For payroll tax purposes, monthly depositors: (a) Are those whose payroll taxes were $50,000 or less during the lookback period. (b) Excludes new employers. (c) Must deposit their payroll taxes on the last day of every month. (d) Will never have to make a next-day deposit.
- Mr. Smith did not pay his full credit card balance on June 5th, the due date each month for payment. The unpaid balance was $800. He purchased a new washing machine on credit on June 30 for $1,000. If interest is charged at a rate of 18%, compounded daily, what would be the interest charge on his next credit card bill using the average daily balance method? a) $26.63 b) $21.77 c) $14.79 d) $13.32On March 1, 2017 Amelia, a non- resident citizen, opened a 5-yr time deposit with her local bank. The amount of deposit is P600,000 at 6% annual interest credited every calendar year's end. Needing money, she pre-terminated the account on June 1, 2021. How much final tax is withheld by the bank at pre- termination? * a. Zero b. P750 С. Р3,000 O d. P7,650Service Tax is an indirect tax paid by a service receiver to the government on or before 5th day of the month following the quarter for which service tax is payable with the exemption for the quarter ending march to be paid on or before 31st of March. The rate of interest for delayed payment of service tax is 13%. Supposed you failed to pay your service tax of 15,000.00 for the month of June. What is your interest liability if you remember to pay it only on the 30th of July?