February 22, 2017

Homework Help: accounting

Posted by Mikki on Sunday, February 8, 2009 at 10:40pm.

In 2007, Paul who is single has a comfortable salary from his job as well as income from his investment portfolio. However, he is habitually late in filing his federal income tax return. He did not file his 2007 income tax return until November 30, 2008 (due date was April 15, 2008) and no extensions of time to file return were filed. Below are amounts from his 2007 return:
Taxable Income $140,000
Total tax liability on taxable income $ 33,311
Total federal tax withheld from his salary $ 27,290
Paul sent a check with his return to the IRS for the balance due of $6,021. He is relieved that he has completed his filing requirement for 2007 and has met his financial obligation to the government for 2007. Has Paul met all of his financial obligations to the IRS for 2007? If not, what additional amounts will Paul be liable to pay to the IRS?

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