Chapter $2$ Homework $($i$)$

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Charles and Joan Thompson file a joint return. In $2022,$ they had taxable income of $$92,370$ and paid tax of $$11,557.$ Charles is an advertising executive, and Joan is a college professor. During the fall $2023$ semester, Joan is planning to take a leave of absence

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without pay. The Thompsons expect their taxable income to drop to $$70,000$ in $2023.$ They expect their $2023$ tax liability will be $$7,963,$ which will be the approximate amount of their withholding. Joan anticipates that she will work on academic research during the fall semester.

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During September, Joan decides to perform consulting services for some local businesses. Charles and Joan had not anticipated this development. Joan is paid a total of $$35,000$ during October, November, and December for her work. Use the appropriate Tax Rate Schedules.

Required:

a$.$ What estimated tax payments are Charles and Joan required to make, if any, for tax year $2023?$

Note: Round your intermediate calculations and final answer to the nearest dollar amount.

Estimated tax payments required

b$.$ Do you anticipate that the Thompsons will be required to pay an underpayment penalty when they file their $2023$ tax return? Assume that Charles and Joan made the estimated payment as determined in requirement a$.$