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Billy, a calendar-year taxpayer, files his current year individual tax return on August 17 of the following year without having requested an extension. His return reports an amount due of $5,000. Billy pays this amount on November 23 of the following year. What are Billy's penalties for his failure to file and his failure to pay his tax on time? Assume Billy did not commit fraud.
Range
The difference between the highest and lowest values in a set of data, indicating the spread or dispersion of the data points.
Interquartile Range
A measure of statistical dispersion, representing the difference between the upper (75th percentile) and lower (25th percentile) quartiles in a dataset.
Middle 50%
A statistical term referring to the interquartile range, which is the range between the 25th percentile and the 75th percentile of a data set.
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