Example 3-7 Yeld Company failed to pay its employment taxes of $5,000 for March (due April 15) until May 20. The failure to pay penalty assessed against Yeld Company is: Failure to Pay Tax ($5,000 x 0.5% x 2) = $50.00 Interest on Taxes Due ($5,000 x 0.03 x 35/365) = 14.38 Total Penalty = $64.38 Note: In addition, a penalty for failure to make a timely deposit will also be assessed. Yelman Company is a monthly depositor whose tax liability for June 2017 is $3,930. 1. What is the due date for the deposit of these taxes? July 17 2. Assume that no deposit was made until August 4. Compute the following penalties. Assume a 365- day year in your computations. a. Penalty for failure to make timely deposit. b. Penalty for failure to fully pay tax. S C. Interest on taxes due and unpaid. S d. Total penalty imposed. S