Fundamentals of Taxation 2011 4th Edition by Ana Cruz, Debra Prendergast, Dan Schisler, Michael Deschamps

Exercise 30

Victoria's 2010 tax return was due on April 15, 2011, but she did not file it until June 12, 2011. Victoria did not file an extension. The tax due on the tax return when filed was $8,500. In 2010, Victoria paid in $12,000 through withholding. Her 2009 tax liability was $11,500. Victoria's AGI for 2010 is less than $150,000. How much penalty will Victoria have to pay (disregard interest)?