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Author Question: Beth and Jay project the following taxes for the current year: How much in estimated tax payments ... (Read 58 times)

savannahhooper

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Beth and Jay project the following taxes for the current year:

How much in estimated tax payments (including withholding from wages and quarterly estimated payments) should the taxpayers pay this year in order to avoid underpayment penalties under the following assumptions regarding the preceding tax year?
a. Preceding tax year-AGI of $140,000 and total taxes of $36,000.
b. Preceding tax year-AGI of $155,000 and total taxes of $48,000.


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Marked as best answer by savannahhooper on Sep 13, 2020

blakeserpa

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savannahhooper

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Reply 2 on: Sep 13, 2020
Great answer, keep it coming :)


olderstudent

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Reply 3 on: Yesterday
Thanks for the timely response, appreciate it

 

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