Year Taxes Payable Amounts Withheld at source 2018 $82,000 $79,000 2019 76,000 70,200 2020 (Estimated) 63,000 59,000
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Question:
Year | Taxes Payable | Amounts Withheld at source |
2018 | $82,000 | $79,000 |
2019 | 76,000 | 70,200 |
2020 (Estimated) | 63,000 | 59,000 |
Required
1) Calculate the net tax owing for each year.
2) Based upon (1) above, indicate if Mr, Seinfeld will be required to make installments for the 2020 taxation year? Indicate why by outlining the numbers that meet/do not meet the requirements.
3) Indicate the quarterly payments under the 3 methods of calculating installments (if installment amount are the same, just do the calculation once) (i.e. $1,000 /quarters)
4) Which method do you recommend? Why? (brief)
Related Book For
Finite Mathematics and Its Applications
ISBN: 978-0134768632
12th edition
Authors: Larry J. Goldstein, David I. Schneider, Martha J. Siegel, Steven Hair
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