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Answer :
Final answer:
Maggie's intentional misrepresentation on her Form W-4, claiming more exemptions than she is entitled to, exposes her to a $500 penalty for falsifying information, potential penalties for underpayment of taxes, interest, and possible criminal prosecution for tax evasion.
Explanation:
When Maggie accepted employment with Martin Corporation and completed a Form W-4 claiming 14 exemptions despite being single with no dependents, she misrepresented her tax situation. By claiming more exemptions than she was entitled to, Maggie effectively reduced the amount of federal income tax withheld from her paycheck, thereby increasing her net take-home pay. However, misrepresenting information on a W-4 form can result in significant penalties for the taxpayer. If an individual falsely claims exemptions with no reasonable basis, they may be charged a $500 penalty for falsifying information. Furthermore, if the Internal Revenue Service (IRS) discovers that a taxpayer underpaid their taxes due to fraudulent actions such as knowingly claiming too many allowances, this could lead to additional penalties for underpayment of taxes, including interest on the unpaid amount, and in serious cases, potential criminal prosecution for tax evasion.
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