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Vulcan Company is a monthly depositor whose tax liability for March 20-- is $2,505
Vulcan Company is a monthly depositor whose tax liability for March 20-- is $2,505.
2. Assume that no deposit was made until April 29 (14 days late). Compute the following penalties:
c. Interest on taxes due and unpaid (assume a 6% interest rate). $________
Expert Solution
c). Computation of the Interest on taxes due and unpaid:-
Interest on taxes due and unpaid = Tax liability * Interest rate * Time
= $2,505 * 6% * 14 / 365
= $5.76
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