A taxpayer does not have to pay estimated taxes if A. The taxpayer’s earned income credit...
A taxpayer does not have to pay estimated taxes if
A. The taxpayer’s earned income credit will exceed his or her tax liability for the current year.
B. The taxpayer’s tax liability for the previous year was less than $1,000.
C. The taxpayer’s withholding covers 90% of the tax liability for the previous year.
D. All of the answers are correct.
Homework Answers
A taxpayer does not have to pay estimated taxes if:-
A. The taxpayer’s earned income credit will exceed his or her tax liability for the current year.
Explanation:-
- In all the rest cases i.e tax liability for the previous year was less than $1,000. or withholding covers 90% of the tax liability for the previous year. The taxpayer will have to pay the estimated tax, unless the credit exceeds the tax liability. Previous year has nothing to do with the current year Tax.
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A taxpayer does not have to pay estimated taxes
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