An individual taxpayer’s tax return included the following: Regular tax before tax credits $5,000 Current-year estimated...

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An individual taxpayer’s tax return included the following: Regular tax before tax credits $5,000 Current-year estimated...

An individual taxpayer’s tax return included the following:

Regular tax before tax credits $5,000

Current-year estimated tax payments 6,000

Amount paid with current-year extension 1,000

Federal income tax withheld 1,000

What amount, if any, is the taxpayer’s overpayment?

A $1,000

B. $0

C. $3,000

D. $2,000

business accounting

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Answer 1

Answer #1

Answer :- Correct options is B $0.

Current-year estimated tax payments - 6,000

Less :- Federal income tax withheld - 1000

Less: - Regular tax before tax credits - 5000

Excess or short payment = 0

Amount paid with current year extension 1000 is for extension of time to file by submitting Form 4868 not adjusted as payment of taxes

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Answer 2

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