Maria did not pay her Federal income tax on time. When she eventually filed the return, she reported a balance due. Compute Maria's failure to file penalty in each of the following cases. Disregard any failure to pay penalty
a. Three months late, $500 additional tax due.
b. Four months late, $2,000 additional tax due.
c. Ten months late, $10,000 additional tax due.
d. Four months late due to fraud by Maria, $10,000 additional tax due.
e. Fifteen months late due to fraud by Maria, $10,000 additional tax due.
The failure to file penalty is 5% per month of the tax due, with a $205 minimum penalty and a maximum penalty of 25%. In the case of fraud, the penalty rate is tripled.
a. 5% × 3 months × $500 tax due = $75, but apply the larger $205 minimum penalty.
b. 5% × 4 months × $2,000 tax due = $400 penalty.
c. 5% × 5 months maximum × $10,000 tax due = $2,500 penalty.
d. 15% × 4 months × $10,000 tax due = $6,000 penalty.
e. 15% × 15 months × $10,000 tax due = $22,500, but limited to 75% of the tax due = $7,500.
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