Author Question: Bob's income can vary widely from year-to-year because much of his compensation comes from sales ... (Read 87 times)

berenicecastro · **on:** Sep 13, 2020

Question 1

Assume a taxpayer projects that his total income tax for the year will $25,000. A taxpayer with savings should prefer to structure his tax prepayments so that he will receive a tax refund of $2,500 rather than a tax due of $2,500.
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Question 2

Bob's income can vary widely from year-to-year because much of his compensation comes from sales commissions and bonuses. It generally is in the $200,000 to $300,000 range. To minimize the risk of underpayment penalties for estimated tax he should pay in, through payroll withholding and estimated tax payments, 100% of the prior year tax liability.
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emsimon14 · **Reply #1 on:** Sep 13, 2020

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