Work the following applied problems. 35. Tax Penalty An accountant for a corporation forgot to pay the firm's income tax of $650,000 on time. The government charged a penalty of 5.2% simple interest for the 30 days that the money was late. Find the total amount (tax and penalty) that was paid.
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- An accountant for a corporation forgot to pay the firm's income tax of $725,769.12 on time. The government charged a penalty of 9.5% interest for the 37 days the money was late. Find the total amount (tax and penalty) that was paid. Assume 365 days in a year.An accountant for a corporation forgot to pay the firm’s income tax of $725,896.15 (uh-oh) on time. The government charged a penalty of 12.7% annual interest for the 34 days the money was late. Find the total amount that must be paidMolly 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 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 hpMolly 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.The SUTA rate for Thomson Temp Agency is 5.4% and Its FUTA rate is 6% less the 5.4% SUTA credit. If its semimonthly payroll is $137,320 and none was for payments to employees in excess of the $7,000 wage base; then what are the total FUTA and SUTA taxes (in $) for the payroll? $823.92 SUTA tax $ FUTA tax Total tax Need Help? Enter a number. Read It Watch It Master I
- 20. Which of the following is subject to tax? P6,000 representing his unused vacation ieave credits of ninë working days; b. Traveling expenses of P15,000 received by an employee who was sent on a business trip to Davao City; C. Representation expenses of P5,000 a month which are not subject to liquidation; d. Tips received by waitresses which are remitted to their employer. а. С. CS Scanned with CamScannerVulcan 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.
- 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 penaltyThe company’s trial balance is listed below. What are the journal entries that should be recorded for the Year 2 ASC 740 provision? There are two of them. Assume a tax rate of 40% and there are no state or foreign taxes to consider. The company is an accrual basis taxpayer. All work must be shown in a clear and organized format. Year 1 Year 2 Cash 19,400 48500 A/R 30,000 90000 Allowance for Bad Debt -5,000 -25000 Prepaid Supplies 500 1500 DTA (DTL) 2000 2000 A/P -15000 -45000 Income Tax Payable -14000 - R/E - -17900 Revenue -50000 -100000 Political Contributions 100 900 Wages 15000 25000 Bad Debt 5000 20000 Income Tax Expense 12000 - 0 034. PENALTY ON UNPAID INCOME TAX On January 5, Helen Terry made an income tax pay- ment that was due on September 15. The penalty was 11% simple interest on the unpaid tax of $2100. Find the penalty using exact interest.