Barr Fails to Make a Timely Deposit of FICA Taxes

question 57

Multiple Choice

Barr fails to make a timely deposit of FICA taxes and withheld income taxes until five days after the due date. The penalty facing Barr is:

• A) 2% of the undeposited taxes.
• B) 5% of the undeposited taxes.
• C) 10% of the undeposited taxes.
• D) 25% of the undeposited taxes.
• E) none of the above.

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Definitions:

Military Intervention

The act of a country deploying its armed forces into another sovereign country for the purpose of influencing the outcome of an internal conflict or to defend its national interests.

Suez Crisis

A diplomatic and military conflict in late 1956 involving Egypt, Israel, the United Kingdom, and France, centering around control of the Suez Canal.

Oil Supplies

The availability and stock of crude oil, a crucial energy source, which can significantly affect global economies and geopolitical relations.

French War Costs

Refers to the financial and human expenses incurred by France during its involvement in various historic wars.