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| *The Commerce Journal>>>Other Taxes |
Please may i have some help? |
Dora Matthew's a real estate tax of $1,955.10 was due on December 12, 2007. Dora lost her job and could not pay her tax bill until February 24, 2008. The penalty for late payment is 7 1/2% ordinary interest. A. The penalty owed is 7.5% ordinary interest and the bill is 74 days late. (19 days in December, 31 in January and 24 in February) So to calculate the penalty you take .075 (7.5%) and divide it by 365 and multiple by 74. This converts the percentage from an annual calculation to a 74 day calculation. You can then multiply this new amount by $1955.10 to arrive at the amount of the penalty. |
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