Homework Answers
a) Paul has to pay the lesser of
- 90% of the Current Year Tax = 90% of $28,447 = $25,602
- 100% of the Previous Year Tax = $29,000
Since Paul has a withholding for 2019 of $24,000, it is deductable against the estimated taxes
Therefore, Estimated Tax Payment = $25,602 - $24,000 = $1,602
b) On paying $1,000 per quarter Paul would have avoided the
estimated tax penalty.
Therefore the correct option is Yes.
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