Paul has the following information: AGI for 2019 = $155,000 Withholding for 2019 = $ 24,000 Total

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Paul has the following information:

AGI for 2019 = $155,000

Withholding for 2019 = $ 24,000

Total tax for 2018 = $ 29,000

Total tax for 2019 = $ 28,447

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 2020 Edition

ISBN: 9781260483147

13th Edition

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

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Question Posted: Dec 23, 2019 05:43 AM

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Paul has the following information: AGI for 2019 = $155,000 Withholding for 2019 = $ 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 2020 Edition

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