Gerald Requests an Extension for Filing His Last Year's Individual

question 12

Multiple Choice

Gerald requests an extension for filing his last year's individual income tax return. His tax liability is $10,000, of which $8,000 was withheld, leaving a balance due of $2,000 when he files on August 1 of the current year. His penalty for failure to pay the tax on time is

• A)$0.
• B)$40.
• C)$300.
• D)$400.

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Definitions:

Decades-long Wars

Conflicts that extend over a period of ten or more years, often characterized by prolonged battles and changing objectives.

African Slaves

Individuals of African descent who were forcefully taken from their homeland to work under inhumane conditions in new lands.

New World

A term used historically by Europeans to refer to the Americas, discovered by Europeans in the late 15th century, contrasting with the Old World of Europe, Asia, and Africa.

Caribbean Planters

Landowners and agricultural entrepreneurs in the Caribbean who owned plantations, primarily for sugar cultivation, during the colonial period.