K owed $9,500 in taxes for 2012, paid as follows: estimated tax payments of $2,100 each quarter, $1,000 with her Form 4868 (request for automatic extension) in March, and the remaining $100 with her Form 1040 in July.K's 2011 total tax was $8,000.What interest or penalty does she owe?
A)Failure-to-pay penalty
B)Interest on balance due
C)Penalty on underpayment of estimated tax
D)None of the above

Question

Quizplus · Accepted Answer

Interest is charged on any unpaid tax from the due date of the return until the date the tax is paid.

K Owed $9,500 in Taxes for 2012, Paid as Follows