The assumptions are that the IRS rate is 5%, interest calculations are based on 365 days a year and the 2018 tax filed is accurate

The options for the boxes are penalty for fraud, accuracy related penalty, interest, late filing : failure to file penalty, late payment : failure to pay penalty

In 2018, Peter, who is single, has a comfortable salary from his job as well as income from his investment portfolio. However, he is habitually late in filing his federal income tax return. He did not file his 2018 income tax return until December 6, 2019 (due date was April 15, 2019) and no extensions of time to file the return were filed. Below are amounts from his 2018 return: (Click the icon to view the 2018 data.) Requirement Has Peter met all of his financial obligations to the IRS for 2018? If not, what additional amounts will Peter be liable to pay to the IRS? (Assumptions) First select the label for any applicable financial obligations that Peter will incur, then enter the applicable amounts and calculate the total. (Assume a 365-day year. Do not round intermediary calculations. Only round the amount you input in the cell to the nearest cent. If a box is not used in the table leave the box empty; do not select a label or enter a zero.) - X Data Table Total additional amount due Taxable income Total tax liability on taxable income 130,000 25,490 20,990 Total federal tax withheld from his salary Peter sent a check with his return to the IRS for the balance due of $4,500. He is relieved that he has completed his filing requirement for 2018 and has met his financial obligation to the government for 2018. Choose from any list or enter any number in the input fields and then click Check