Ask Question
BusinessBusiness
27 October, 06:49

George failed to pay $5,000 of income tax due with the filing of his return, which was timely filed on April 15th. He waits until June 10th after April 15th to pay the tax. How much will his penalties be?

+5
Answers (1)
  1. 27 October, 10:05
    0
    George penalties will be $50.

    Explanation:

    Penalty is a punishment imposed on the person due to violation of law or contract. Penalty fee is the amount collected from the person for not paying his debts or bills.

    Penalty is imposed on the person for the purpose of punishing. If he/she fails to pay their bills, taxes or money borrowed, they will be imposed with penalty charges. So the individual should pay an additional amount as the penalty amount with his original charges.

    In the above scenario, George fails to pay his income tax within the given time. So he was charged with the penalty of $50.
Know the Answer?
Not Sure About the Answer?
Get an answer to your question ✅ “George failed to pay $5,000 of income tax due with the filing of his return, which was timely filed on April 15th. He waits until June 10th ...” in 📙 Business if there is no answer or all answers are wrong, use a search bar and try to find the answer among similar questions.
Search for Other Answers
You Might be Interested in
Hasselhoff company purchases equipment for $2,400 and supplies for $700 from behrman co. for $3,100 cash. the entry for this transaction will include a
Answers (1)
In the first month of operations, the total of the debit entries to the Cash account amounted to $5600 and the total of the credit entries to the Cash account amounted to $3200. The Cash account has a a. $2400 debit balance. b. $5600 debit balance.
Answers (1)
Selena fractures the radial bone in her forearm. Her surgeon advises her to undergo a surgery in which a steel plate would be inserted to support the bone.
Answers (1)
How will the general ledger accounts in the trial balance most likely differ if the company were a retail store rather than a wholesale company? how will they differ for a hospital or a government unit?
Answers (1)
You're thinking of buying one of two firms. One has a profit margin of $4 per unit; the other has a profit margin of $10 per unit.
Answers (1)
New Questions in Business
Under this Act, you have the right to see the credit history maintained by a credit bureau about you, and under certain conditions they must provide you with a copy of your report free of charge. A. Fair Credit Reporting Act B.
Answers (1)
Explain how consumer and producer surplus affect economic well-being. When the price of a good or service is - enough, it will encourage consumers to buy. However, the price also has to be - enough to encourage producers to sell.
Answers (1)
A small town has few available workers, and unemployment is low. A family-owned restaurant in town has just had a very good year in profits and would like to hire additional wait staff to meet higher demand.
Answers (1)
Railway Cabooses just paid its annual dividend of $3.90 per share. The company has been reducing the dividends by 12.4 percent each year.
Answers (1)
It's important to know whether you've paraphrased and cited source material for your paper correctly so you avoid plagiarism. Read the original quote below and the two attempts to paraphrase it.
Answers (1)
Home » Business » George failed to pay $5,000 of income tax due with the filing of his return, which was timely filed on April 15th. He waits until June 10th after April 15th to pay the tax. How much will his penalties be?
Sign Up Forgot Password?