Question: i will to understand the process. 4. Jim has year 20X1 tax liability of $39,000. He estimates that 20x2 tax liability will be $48,000. Year

i will to understand the process.

4. Jim has year 20X1 tax liability of $39,000. He estimates that 20x2 tax liability will be $48,000. Year 20X1 AGI was $175,000. Year 20X2 withholdings from wages will be $28,000. What amount of estimated tax payment must Jim make each quarter to not incur an underpayment penalty for 20x2? a. $5,000 b. $2,750 c. $3,725 d. $3,800 e. None of the above

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