Identify Which of the Following Statements Is True

question 10

Multiple Choice

Identify which of the following statements is true.

• A)The failure-to-pay penalty is waived if the additional tax due with the filing of the extended return does not exceed 15% of the tax owed for the year.
• B)If both the failure-to-file and the failure-to-pay penalties are owed, the taxpayer will incur a maximum addition to tax of 5.5% per month.
• C)Individuals having substantial income from sources not subject to regular withholding generally should make quarterly estimated tax payments to the IRS.
• D)All of the above are false.

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Definitions:

Abigail Adams

An influential figure in American history, wife of President John Adams, known for her early advocacy of women's rights and opposition to slavery.

Northwest Territory

A historic region northwest of the Ohio River that was established as the first organized territory of the United States in 1787, setting a pattern for future statehood.

Indian Tribes

Indigenous peoples in the United States, each with their own distinct cultures, languages, histories, and governments recognized by the federal government as sovereign entities.

American Republic

A term referring to the United States as a republic where the government is characterized by a separation of powers and driven by the principles of democracy.