Compute the Failure to Pay and Failure to File Penalties

question 116

Essay

Compute the failure to pay and failure to file penalties for John, who filed his 2011 income tax return on December 14, 2012, paying the $10,000 amount due.On April 1, 2012, John submitted a six-month extension of time in which to file his return; he paid no tax with the extension request.He has no reasonable cause for failing to file his return by October 15 or for failing to pay the tax that was due on April 15, 2012.John's failure to comply with the tax laws was not fraudulent.

Identify the law of increasing opportunity cost and its graphical representation in the PPF.

Understand how different factors of production are not equally suited for producing all types of goods and the implications of this for the economy.

Understand the concept of economic growth as indicated by shifts in the production possibilities frontier.

Identify and explain the concept of opportunity cost and how it varies with different production choices.

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Definitions:

Parallel Processing

A method of computation where many calculations or processes are carried out simultaneously, leveraging multiple processors or computers to solve complex problems faster.

Network

A group of interconnected computers, servers, and other devices that allow for data sharing and communication amongst them.

Cache Memory

A type of high-speed volatile computer memory that provides high-speed data access to the processor and stores frequently used computer programs, applications, and data.

Virtual Memory

The space on the hard drive where the operating system stores data if there isn’t enough random access memory to hold all of the programs you’re currently trying to run.