Frederick Failed to File His 2015 Tax Return on a Timely

question 28

Essay

Frederick failed to file his 2015 tax return on a timely basis.In fact,he filed his 2015 income tax return on October 31,2016,(the due date was April 15,2015)and paid the amount due at that time.He failed to make timely extensions.Below are amounts from his 2015 return: Frederick sent a check for $1,671 in payment of his liability.He thinks that he has met all of his financial obligations to the government for 2015.For what additional amounts may Frederick be liable assuming any applicable interest rate is 6%?

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Definitions:

Consumption

The action of using goods and services to satisfy needs or desires.

Income

Receipts from labor or investments, typically disbursed at regular intervals.

Consumption

The process by which goods and services are utilized to satisfy human wants, including the use of resources.

Income

The monetary payment received by an individual or household for their labor, investments, or from transfer payments, used to fund consumption and savings.