Elijah waited until June u,2017 to file his 1040 for tax year 2016. His balance due is $88. What is the failure to file penalty?

1 answer:

7 0

The failure to file penalty refers to the amount of money that a tax payer has to pay as penalty for not filing his tax before the assigned deadline. The failure to pay penalty is 0.5% of the tax balance that is owned per month.
Thus, for Elijah, who is owning $88, the failure to pay penalty is 0.5% *88 = $0.44.
Elijah has to pay $0.44 per month for the period during which he withhold the tax.

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S = Sales Tax = $ 7.18 per any purchase
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F = Food = $ 35.50 purchases for two people

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Method A)
[2A + (F + 2S)] / 2 = [ (2)(22.50) + [35.50 + (2)(7.18)] ]/ 2 = $47.43
Method A is the correct answer

Method B)
[(2A + (1/2)F + 2S) /2 = [(2)(22.50) + 35.50(1/2) + (2)7.18] / 2 = $38.55
Wrong answer. This method is incorrect because the tax for both tickets bought are not being used in the equation.

Method C)
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