Mr and mrs pratt failed to apply for an extension of time


Mr. and Mrs. Pratt failed to apply for an extension of time to file their 2014 Form 1040 and didn't mail the return to the IRS until May 29, 2015. Assuming the Pratt's had no excuse for filing a delinquent return, compute their late filing and late payment penalty if:

a. The return showed a $19,758 balance of tax due.

b. The return showed a $7,098 refund due.

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Financial Management: Mr and mrs pratt failed to apply for an extension of time
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