Question

What happens if you fail to pay your annual taxes?
Ayou will simply have to pay some penalty fees
Byou can file your return the next year
Cyou will have to pay penalty fees or face imprisonment, depending on the severity of nonpayment
Dyou will have to pay twice the amount of taxes the next year

Answer 1

The answer is: c.)you will have to pay penalty fees or face imprisonment, depending on the severity of nonpayment

The investigation this type of violation is overseen by an organizaton called Internal Revenue Service (IRS).

They had the right to see whether you are complying to the tax codes that they established. Penalty fees tend to be imposed if you involved in violation with typically small amount of money. If the violation involve large amount of money on the other hand, they could bring you to be tried on federal courts and could put you in jail.

Answer 2

When one gets fails in paying the annual taxes the simplest thing that they can do is pay the penalty fees. Hence, Option A is correct.

What is annual tax?

From Section 259 of the State Education Law, a certain amount is to be paid by all those people who are involved in the money making activities. The amount that is paid to the government is in form of tax and the amount which is paid annually is known as the annual tax. This is implied also on the properties apart from the earnings.

When an individual earns a particular amount of money from the occupation that was opted for the livelihood, then it becomes the duty of the person to pay the tax. Basically it is applicable on the amount that is with a person as a result of profit that is earned by them. There are variations of amount of tax and that totaly depends upon the number of earnings.

Therefore, Option A is correct.

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