Faith,the accountant for Harris's Meats,filed Form 941 for the first quarter on May 12.The amount of taxes due to be paid with Form 941 was $8,975.What is the amount that must be remitted,including the IRS penalty for the failure to file?

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According to IRS guidelines, the penalty for filing Form 941 late is calculated at 5% of the unpaid tax amount per month, up to a maximum of 25%. Since the Form 941 was filed 12 days after the due date, a penalty of 1.5% (5% x 0.3 months rounded up) of the unpaid tax amount would be assessed in addition to the $8,975 due. Therefore, the total amount to be remitted would be $8,975 + $448.75 (1.5% x $8,975), which equals $9,423.75.

Faith,the Accountant for Harris's Meats,filed Form 941 for the First