John Forgot to File His Tax Return by April 15

question 71

Multiple Choice

John forgot to file his tax return by April 15.He did not file an extension.John finally filed his tax return on June 30 and had a remaining tax liability of $1,500.What is John's failure to file penalty? Assume he made all his payments on time.

• A)$300.
• B)$225.
• C)$233.
• D)$375.

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Definitions:

Keynesian Theory

An economic theory stating that government intervention through fiscal policy is necessary to manage aggregate demand and address unemployment and recession.

Say's Law

An economic theory stating that supply creates its own demand, suggesting that producing goods and services generates the means and the willingness to purchase other goods.

Demand-Oriented

Demand-Oriented is an approach or policy focused on increasing consumer demand to stimulate production and economic growth.

Aggregate Supply

The overall quantity of goods and services that businesses in an economic system aim to sell within a certain period.