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Problem 17-26 (a) (LO. 6) Melinda, a cash basis, calendar year taxpayer, filed a 90-day extension for her Federal income tax return without any tax
Problem 17-26 (a) (LO. 6) Melinda, a cash basis, calendar year taxpayer, filed a 90-day extension for her Federal income tax return without any tax payment. She paid the taxes that were due when she filed the return 65 days after the due date. a. What penalty or penalties will Melinda incur? Melinda is liable for only the failure to pay penalty b. How much will she have to pay if her additional tax is $75,000? Disregard any interest she must pay. Assume 30 days in a month. If Melinda is liable for any penalties, then the total penalty amount would be $
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