In addition to interest as provided in Section 880.23, penalties based on the unpaid tax or installments of estimated tax are hereby imposed as follows:
(a) For failure to pay taxes or estimated taxes due, other than taxes withheld: ten percent per year, but not less than five dollars ($5.00).
(b) For failure to remit taxes withheld from employees: ten percent per month or fraction thereof, but an accumulated penalty shall not exceed fifty percent upon any unpaid amount and shall not be less than five dollars ($5.00).
(Ord. 1971-19. Passed 11-22-71.)
(c) For underpaying the tax where the difference between the amount due on the final return and the amount actually paid indicates underpayment of estimated taxes of twenty percent (20%) or more: Ten percent (10%) penalty per year but not less than five dollars ($5.00). The penalty for underpaying estimated taxes shall be figured separately for each installment.
(Ord. 1988-16. Passed 2-22-88.)