Jane's estimated tax payments for 2013 total $14,000, and federal income taxes withheld from her salary amount

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Jane's estimated tax payments for 2013 total $14,000, and federal income taxes withheld from her salary amount to $12,000. Jane's actual tax liability for 2013 is $30,000. Her income was earned evenly throughout the current year. Jane's AGI for the prior year was $160,000 and her tax liability was $25,000. Is Jane subject to the underpayment penalty? Explain.
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Related Book For  answer-question

Federal Taxation 2014 Comprehensive

ISBN: 9780133438598

27th Edition

Authors: Timothy J. Rupert, Thomas R. Pope, Kenneth E. Anderson

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