Question
Vulcan Company is a monthly depositor whose tax liability for March 2018 is $3,415. 1. What is the due date for the deposit of these
Vulcan Company is a monthly depositor whose tax liability for March 2018 is $3,415.
1. What is the due date for the deposit of these taxes? April 16
2. Assume that no deposit was made until April 30. Compute the following penalties. Assume a 365-day year in your computations. Round your answers to the nearest cent.
| a. | Penalty for failure to make timely deposit. | $ |
| b. | Penalty for failure to fully pay tax. | $ |
| c. | Interest on taxes due and unpaid (assume a 4% interest rate). | $ |
| d. | Total penalty imposed. | $ |
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Audit And Assurance Q And A 2019
Authors: ACA Simplified
1st Edition
1792949863, 978-1792949869
