Mr and Mrs

question 70

Multiple Choice

Mr. and Mrs. Chung filed their unextended 2014 Form 1040 on May 30, 2015, and had no reasonable cause for the delinquency. The return showed a $10,479 balance of tax due. Compute the Chungs' late-filing and late-payment penalty.

• A) $524
• B) $1,048
• C) $2,620
• D) None of the above

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Definitions:

Current System

The existing set of procedures, processes, technologies, and methods that are in use within an organization or system.

Finished-Goods Inventories

Stocks of completed products ready for sale or distribution to customers.

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An American multinational delivery services company known for its overnight shipping service and pioneering a system that could track packages and provide real-time updates on package location.

Inflexible Transportation Modes

Transportation methods that offer limited flexibility in handling schedules, capacity, and types of goods transported.