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In all of the following problems, use these tax rates and taxable wage: OASDI4.2% on the first $110,100; HI1.45% on all taxable wages. Refer to
In all of the following problems, use these tax rates and taxable wage: OASDI4.2% on the first $110,100; HI1.45% on all taxable wages. Refer to Instruction 3-1. Jax Company's (a monthly depositor) tax liability (amount withheld from employees' wages for federal income tax and FICA tax plus the company's portion of the FICA tax) for May was $1,210. No deposit was made by the company until June 24. Determine:
a) | The date by which the deposit should have been made |
b) | The penalty for failure to make timely deposit |
c) | The penalty for failure to fully pay tax when due |
d) | The interest on taxes due and unpaid (assume a 3% interest rate) |
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