Nikkie Szabo carries on a business as a sole proprietor. Her income tax (not withheld) was as

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Nikkie Szabo carries on a business as a sole proprietor. Her income tax (not withheld) was as follows:

2019: $50,000

2020: $58,000

2021: $62,000

1.Why does Nikkie have to make installments for 2021? Calculate the tax installments for 2021, using all three methods.

2. Recalculate the tax installments for 2021, using all three methods, assuming that Nikkie carries on a business through a corporation (not a CCPC).

3. Which method in Part B should I use, and why? Why would your answer in Part B change if the corporate income tax (not withheld) for 2021 was $2,950

Related Book For answer-question

Federal Taxation 2016 Comprehensive

ISBN: 9780134104379

29th edition

Authors: Thomas R. Pope, Timothy J. Rupert, Kenneth E. Anderson

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Posted Date: May 31, 2021 05:30 AM

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Nikkie Szabo carries on a business as a sole proprietor. Her income tax (not withheld) was as

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1 Nikkie has to make installments for 2021 because she expects to owe mor... View the full answer

Federal Taxation 2016 Comprehensive

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