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Aya files her current year tax return on July 13 of the following year. She pays the amount due without requesting an extension. The
Aya files her current year tax return on July 13 of the following year. She pays the amount due without requesting an extension. The tax shown on her return is $32,000. Her current year wage withholding amounts to $20,000. Aya pays no estimated taxes and claims no tax credits on her current year return. Read the requirements. Requirement a. What penalties will the IRS likely impose on Aya (ignoring the penalty for underpayment of estimated taxes)? Assume Aya committed no fraud and that any penalty and interest period begins on April 16. Complete the table below to show the penalties that the IRS will likely impose on Aya. (Complete all input fields.) Minus: Total penalties Requirement b. On what dollar amount, and for how many days, will Aya owe interest? Aya will owe interest on for days.
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