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Connor's tax liability for last year was $28,000, and his AGI did not exceed $150,000. Connor requests an automatic extension for filing his current year
Connor's tax liability for last year was $28,000, and his AGI did not exceed $150,000. Connor requests an automatic extension for filing his current year individual return but does not pay any additional tax with his extension request. By April 15 of the following year, Connor has paid $30,000 of taxes in the form of wage withholding and estimated taxes. Connor files his current year return and pays the balance of the taxes due on June 28 of the following year. Connor owes the following penalties when his current year tax is (a) $35,000, and (b) $31,000. View the penalties owed. View the factor table for a 6% interest rate, compounding daily. Read the requirements. Requirement a. Will Connor owe interest? If so, on what amount and for how many days? Assume that any interest period begins on April 16 of a non-leap year. (Complete all input fields. Enter a 0 for the amount of interest and for the number of days if Connor owes no interest.) For Scenario (a) when Connor's current year tax is $35,000 : Connor will owe interest on for days. For Scenario (b) when Connor's current year tax is $31,000 : Connor will owe interest on for days
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