On July 25 of the Following Year, Joy Files Her

question 53

Essay

On July 25 of the following year, Joy files her current calendar-year tax return. She had requested extensions as required. On October 8, she pays the amount due. The tax shown on her return is $22,000. Her current-year withholding tax is $21,000. 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:

Word-of-mouth

The informal exchange of advice, opinions, or recommendations among friends, family, or others within a community.

Medium

A means or channel of communication or transmission, often used to disseminate information or connect with audiences.

Communication

The process of exchanging information, ideas, or feelings between individuals or groups through various channels or mediums.

Marketing Mix

A combination of factors that can be controlled by a company to influence consumers to purchase its products, often summarized as product, price, place, and promotion.