Paul has the following information: AGI for 2018 = $155,000 Withholding for 2018 = $ 24,000 Total

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Paul has the following information:
AGI for 2018 = $155,000
Withholding for 2018 = $ 24,000
Total tax for 2017= $ 29,000
Total tax for 2018= $ 28,610

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 2019

ISBN: 9781260158670

12th Edition

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

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Question Posted: Jun 03, 2019 04:41 AM

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Paul has the following information: AGI for 2018 = $155,000 Withholding for 2018 = $ 24,000 Total

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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 2019

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