On August 13 of the Following Year, Joy Files Her

question 54

Essay

On August 13 of the following year, Joy files her current calendar-year tax return and pays the amount due without having requested an extension. The tax shown on her return is $25,000. Her current-year withholding tax is $15,000. Joy pays no estimated taxes and does not claim any tax credits on her current-year return. Calculate the penalties that the IRS is likely to assess. Ignore the penalty for underpayment of estimated taxes. Assume she did not commit fraud.

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Definitions:

SES

Short for Socioeconomic Status, a measure of an individual's or family's economic and social position relative to others, based on income, education, and occupation.

Whole Number Skills

The ability to use and understand integers (positive, negative, and zero) in arithmetic operations.

Metamemory

The awareness and understanding of one's own memory processes.

Chunking

A strategy for improving memory by breaking information down into smaller, more manageable units or groups, making it easier to process and remember.