Concept of federal income tax on time


Rita forgot to pay her Federal income tax on time. hen she actually filed (without a valid extension), she reported a balance due. Compute Rita's failure to file penalty in each of the following cases. Explain your answers, as necessary.

a. One month late, $1,000 additional tax due

b. Four months late, $3000 additional tax due

c.Six months late, $4,000 additional tax due

d.Four months late due to fraud by Rita, $5,000 additional tax due

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Accounting Basics: Concept of federal income tax on time
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