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:

Cramming

An intensive, short-term study strategy where large amounts of information are memorized in a small amount of time, often used before exams.

Ineffective

Lacking the ability or success in producing a desired or intended result.

Time Efficient

Making the best possible use of time to ensure task completion or goal achievement with minimal wasted time.

Cultural Heritage

The legacy of physical artifacts and intangible attributes of a group or society inherited from past generations.