Paul has the following information: AGI for 2018 = $ 155,000 Withholding for 2018 = $...
Paul has the following information: AGI for 2018 = $ 155,000 Withholding for 2018 = $ 24,000 Total tax for 2017 = $ 29,000 Total tax for 2018 = $ 28,610 . How much must Paul pay in estimated taxes to avoid a penalty?
Homework Answers
Answer:
Generally most taxpayers will avoid the penalty if they paid estimated and withholding tax of atleast 90% of tax for the current year or 100% of tax of previous year .
Therefore in the given case Paul must pay 90% of $28610 or 100% of $29000 which ever is lower.
Hence Paul is required to pay $25749 to avoid a penalty , already Paul has withholding tax of $24000.
Therefore Paul must pay $1749 as estimated taxes to avoid penalty.
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Paul has the following information: AGI for 2018 = $ 155,000
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i need help with this problem Required information (The following information applies to the questions displayed...
i
need help with this problem
Required information (The following information applies to the questions displayed below) This year Lloyd, a single taxpayer, estimates that his tax liability will be $12,550. Last year, his total tax liability was $16,700. He estimates that his tax withholding from his employer will be $9,415. a. How much does Lloyd need to increase his withholding by (for the year), in order to avoid the underpayment penalty? Increase in withholding
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Paul has the following information: AGI for 2019 Withholding for 2019 Total tax for 2018 Total tax for 2019 $ 155,000 = $ 28, 200 = $ 31,800 = $ 31,947 Required: a. How much must Paul pay in estimated taxes to avoid a penalty? (Round the final answer to nearest whole dollar amount.) Minimum estimated tax payment b. If Paul had paid $800 per quarter, would he have avoided the estimated tax penalty? Yes No
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need help with this problem
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