Question

David files his tax return 45 days after the due date. Along with the return, David remits a check for $40,000. Which is the balance of the tax owed?

Answer 1

To determine the balance of tax owed, we need to calculate the amount of tax due and subtract any payments made by David.

Step-by-step explanation:

To determine the balance of tax owed, we need to calculate the amount of tax due and then subtract any payments made by David. Since David files his tax return 45 days after the due date, he may owe penalties and interest in addition to the original tax amount. Let's calculate:

1. Calculate the original tax due by using the tax schedule and David's taxable income.
2. Apply any penalties and interest for filing late, if applicable.
3. Subtract the payment made by David from the total amount owed to find the balance.

For a detailed guide specific to David's situation, please refer to the tax schedule and guidelines provided by the tax authority in your country.