Jennifer Jolie, bookkeeper for Keystone Company, forgot to send in the payroll taxes due on April 15. She sent the payment

November 8. The IRS sent her a penalty char ge of 8% simple interest on the unpaid taxes of $4,100. Calculate the

penalty. (Remember that the government uses exact interest.)

Question

Declan

12 November, 14:07

+3

Answers (1)

Know the Answer?

Charlize Reynolds · Answer 1

There are 207 days from 4/15 to 11/8, so interest will be

... I = P*r*t

... I = $4100*0.08 * (207/365) = $186.02

Jennifer Jolie, bookkeeper for Keystone Company, forgot to send in the payroll taxes due on April 15. She sent the paymentNovember 8. The IRS sent her a penalty char ge of 8% simple interest on the unpaid taxes of $4,100. Calculate thepenalty. (Remember that the government uses exact interest.)