Paul has the following information: AGI for 2017= $155,000 Withholding for 2017= $ 24,000 Total tax for

Question:

Paul has the following information:

AGI for 2017= $155,000

Withholding for 2017= $ 24,000

Total tax for 2016= $ 29,000

Total tax for 2017= $ 33,470

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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Fundamentals Of Taxation 2018

ISBN: 9781259713736

11th Edition

Authors: Ana M. Cruz Dr., Michael Deschamps, Frederick Niswander, Debra Prendergast, Dan Schisler

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Question Posted: Nov 19, 2018 11:46 AM

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Paul has the following information: AGI for 2017= $155,000 Withholding for 2017= $ 24,000 Total tax for

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a In order to avoid the underpayment penalty Paul must pay the lesser of 90 of the cu...View the full answer

Fundamentals Of Taxation 2018

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