Question 4 25 pts 4. Patrick, a new engineer with Century Power and Lighting, earns a gross income of $6,000 per month. Patrick is single, claims 1 exemption and uses the standard deduction. Throughout last year, his company withheld $800 each month from his paycheck for federal income tax. Today is January 4. As Patrick's accountant, you just informed him that although his tax return is due at the IRS by April 15, 90% of the income tax due for last year must be paid by January 15 Otherwise, a penalty will be imposed. 1. Calculate the amount of tax Patrick owes for the year. format $xx,xxx 2. Did his company withheld enough from his paycheck to cover the 90% requirement? format Yes or No 3. How much should Patrick send to the IRS so as to avoid the penalty? format $xxx.xx 4. If Patrick waits unti April 15 to send the balance of his taxes due to the IRS, how much will he be penalized if the penalty is 18% per year, or 1.5% per month, on the shortfall up to 90%? (Hint: Use the simple interest formula I PRT with exact interest.) format $xx.xx