Question: Problem 17-32 (Algorithmic) (LO. 6) Wan's AGI last year was $298,000. Her Federal income tax came to $89,400, paid through both withholding and estimated
Problem 17-32 (Algorithmic) (LO. 6) Wan's AGI last year was $298,000. Her Federal income tax came to $89,400, paid through both withholding and estimated payments. This year, her AGI will be $447,000, with a projected tax liability of $67,050, all to be paid through estimates. Wan wants to pay the least amount of tax during the year that does not incur a penalty. If required, round intermediate calculations to two decimal place and your final answer to the nearest dollar. a. Compute Wan's total estimated tax payments for this year. Under the current-year method: Under the prior-year method: $ b. Assume instead that Wan's AGI last year was $136,000 and resulted in a Federal income tax of $27,200. Determine her total estimated tax payments for this year. Under the current-year method: $ Under the prior-year method: $
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