George penalties will be $50.
Explanation:
Penalty is a punishment imposed on the person due to violation of law or contract. Penalty fee is the amount collected from the person for not paying his debts or bills.
Penalty is imposed on the person for the purpose of punishing. If he/she fails to pay their bills, taxes or money borrowed, they will be imposed with penalty charges. So the individual should pay an additional amount as the penalty amount with his original charges.
In the above scenario, George fails to pay his income tax within the given time. So he was charged with the penalty of $50.
