Question

Complete the following statements regarding estimated taxes.

Enter percents as whole numbers.

Any individual who has estimated tax for the year of $ or more and whose withholding does not  equal or exceed the required annual payment must make quarterly payments. The required annual payment is the smaller  of
(1) % of the tax shown on the current year’s return or
(2) % of the tax shown on the preceding year’s return.

If the AGI on the preceding year’s return exceeds $150,000, the requirement is increased to %.

Tax Drill Estimated Ta>x Complete the following statements regarding estimated taxes Enter percents as whole numbers. Any individual who has estimated tax for the year of or more and whose withholding does not equal or exceed the required annual payment must make quarterly payments. The required annual payment is the smaller of % of the tax shown on the current year's return or % of the tax shown on the preceding year's return. If the AGI on the preceding year's return exceeds $150,000, the requirement is increased to Feedback Check My Work

Answer 1

Any individual who has estimated tax for the year of $1000 or more and whose withholding does not  equal or exceed the required annual payment must make quarterly payments. The required annual payment is the smaller  of
(1)90 % of the tax shown on the current year’s return or
(2)100 % of the tax shown on the preceding year’s return.

If the AGI on the preceding year’s return exceeds $150,000, the requirement is increased to 110 %.