Multiple Choice
Gerald requests an extension for filing his last year's individual income tax return. His tax liability is $10,000, of which $8,000 was withheld, leaving a balance due of $2,000 when he files on August 1 of the current year. His penalty for failure to pay the tax on time is
A) $0.
B) $300.
C) $400.
D) $40.
Correct Answer:
Verified
Correct Answer:
Verified
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