Paul has the following information: AGI for 2014 = $155,000 Withholding for 2014 = $ 20,000 Total
Question:
AGI for 2014 = $155,000
Withholding for 2014 = $ 20,000
Total tax for 2013= $ 29,000
Total tax for 2014= $ 31,250
a. How much must Paul pay in estimated taxes to avoid a penalty?
b. If Paul paid $1,000 per quarter, would he have avoided the estimated tax penalty?\
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
a In order to avoid the underpayment penalty Paul must pay the lesser of 90 of the curr...View the full answer
Answered By
Deborah Joseph
My experience has a tutor has helped me with learning and relearning. You learn everyday actually and there are changes that are made to the curriculum every time so being a tutor has helped in keeping me updated about the present curriculum and all.
I have also been able to help over 100 students achieve better grades particularly in the categories of Math and Biology both in their internal examinations and external examinations.
2+ Reviews
10+ Question Solved
Related Book For 
Fundamentals Of Taxation 2015
ISBN: 9781259293092
8th Edition
Authors: Ana Cruz, Michael Deschamps, Frederick Niswander, Debra Prendergast, Dan Schisler, Jinhee Trone
Question Posted:
