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July 31, 2014

Homework Help: Business Maths

Posted by Ekanki on Monday, April 23, 2012 at 9:28pm.

Molly Ellen, bookkeeper for Keystone Company, forgot to send in the payroll taxes due on April 20. She sent the payment November 12. The IRS sent her a penalty charge of 10% simple interest on the unpaid taxes of $4,600.

Calculate the penalty. (Remember that the government uses exact interest.) Refer to Days in a year table. (Do not round intermediate calculations. Round the answer to two decimal places. Omit the "$" sign in your response.)

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