Vulcan Company is a monthly depositor whose tax liability for March 2018 is $3,4

Question

Vulcan Company is a monthly depositor whose tax liability for March 2018 is $3,415.

1. What is the due date for the deposit of these taxes?
April 16

2. Assume that no deposit was made until April 30. Compute the following penalties. Assume a 365-day year in your computations. Round your answers to the nearest cent.

a. Penalty for failure to make timely deposit. $ b. Penalty for failure to fully pay tax. $ c. Interest on taxes due and unpaid (assume a 4% interest rate). $ d. Total penalty imposed. $

Explanation / Answer

b) 100% × $3,415 = $3,415

c) 4% × $3,415 × 15/365 = $5.614

d) $3437.689

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