Peter Forgot to File His Tax Return by April 15

question 21

Multiple Choice

Peter forgot to file his tax return by April 15.He did not file an extension.Peter finally filed his tax return on July 31 and had a remaining tax liability of $3,500.What is Peter's failure to file penalty? Assume he made all his payments on time.

• A)$525.
• B)$875.
• C)$700.
• D)$350.

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Definitions:

Generosity of Benefits

Refers to the extent to which an employer offers comprehensive and advantageous benefits to its employees, including health insurance, retirement plans, and paid time off.

Textile Manufacturing

The process of converting raw fibers into finished fabrics or products through various methods of production.

Service Firm

A business that provides intangible products or services to customers, as opposed to tangible goods.

Labor Costs

The total expenses related to employing personnel, including wages, benefits, taxes, and any other costs associated with workforce management.