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Barr fails to make a timely deposit of FICA taxes and withheld income taxes until five days after the due date. The penalty facing Barr is:

A2% of the undeposited taxes.
B5% of the undeposited taxes.
C10% of the undeposited taxes.
D25% of the undeposited taxes.
Enone of the above.

Verified Answer :

Thanks for your question. The answer is 2%.

For a deposit of federal employment taxes that is 1-5 days late, the failure to deposit penalty is 2%.

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