Paul has the following information: AGI for 2016= $155,000 Withholding for 2016= $ 24,000 Total tax for
Question:
AGI for 2016= $155,000
Withholding for 2016= $ 24,000
Total tax for 2015= $ 29,000
Total tax for 2016= $ 33,793
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?
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a In order to avoid the underpayment penalty Paul must pay the lesser of 90 of the cur...View the full answer
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Related Book For 
Fundamentals Of Taxation 2017
ISBN: 9781259752735
10th Edition
Authors: Ana Cruz, Michael Deschamps, Frederick Niswander, Debra Prendergast, Dan Schisler, Jinhee Trone
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