ZuoTi.Pro
Question

To figure whether she should pay estimated tax for 2018, Jane determines her expected adjusted gross...

To figure whether she should pay estimated tax for 2018, Jane determines her expected adjusted gross income (AGI) for 2018 will be $82,800. Her AGI for 2017 was $73,700. Her total tax on her 2017 return (Form 1040, line 61) was $9,001. Using the 2018 Estimated Tax Worksheet she figures her total 2018 estimated tax to be $11,015. Her tax expected to be withheld in 2018 is $10,000. She will file as head of household and expects no refundable credits in 2018. All of the following are true regarding Jane’s estimated taxes except:

A. She expects to owe at least $1,000 for 2018 after subtracting her withholding from her expected total tax

B. She expects her income tax withholding to be at least 90% of the tax to be shown on her 2018 return

C. Jane does not need to pay estimated tax

D. Jane will need to pay estimated tax

business   accounting   
0 0
Add a comment Improve this question Transcribed image text
Next > < Previous
Sort answers by oldest

Homework Answers

Answer #1

Answer : option D

. Jane will need to pay estimated tax She expects her income tax withholding ($10,000) to be at least 90% of the tax to be shown on her 2018 return($11,015 × 90% = $9,913.50).

0 0
Add a comment
Know the answer?
Add Answer to:
To figure whether she should pay estimated tax for 2018, Jane determines her expected adjusted gross...
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions

  • Millie’s 2019 tax liability is $41,293. Her AGI is greater than $150,000 m. Her 2019 withholding...

    Millie’s 2019 tax liability is $41,293. Her AGI is greater than $150,000 m. Her 2019 withholding is $36,910. Her 2018 tax liability was $29,570. Does she owe an estimated tax penalty payment for 2019? Why or why not? - yes. She owes a penalty because her balance due is greater than $1000. - yes. She owes a penalty because she did not have at least 100% of her tax liability withheld during the year. - no. She does not owe...

  • federal income tax question Mark for follow up Question 3 of 12 Which statement is TRUE...

    federal income tax question Mark for follow up Question 3 of 12 Which statement is TRUE regarding the redesigned 2020 Form W.4, Employee's Withholding Certificate? The Tax Cuts and Jobs Act of 2017 eliminated personal and dependency exemptions. As a result, the 2020 Form W4 does not refer to withholding allowances. The Tax Cuts and Jobs Act of 2017 eliminated personal and dependency exemptions. As a result, a standard deduction amount is multiplied by the number of individuals (taxpayer, spouse,...

  • federal income tax question Mark for follow up Question 3 of 12. Which statement is TRUE...

    federal income tax question Mark for follow up Question 3 of 12. Which statement is TRUE regarding the redesigned 2020 Form W-4, Employee's Withholding Certificate? The Tax Cuts and Jobs Act of 2017 eliminated personal and dependency exemptions. As a result, the 2020 Form W-4 does not refer to withholding allowances. The Tax Cuts and Jobs Act of 2017 eliminated personal and dependency exemptions. As a result, a standard deduction amount is multiplied by the number of individuals (taxpayer, spouse,...

  • i started this one, but got stuck connect.mheducation.com/flow/connect htm ework Assignment Help Save Victoria's 2018 tax...

    i started this one, but got stuck connect.mheducation.com/flow/connect htm ework Assignment Help Save Victoria's 2018 tax return was due on April 15, 2019, but she did not file it until June 12, 2019. Victoria did not file an extension. The tax due on the tax return when filed was $10,400. In 2018, Victoria paid in $17,700 through withholding. Her 2017 tax liability was $15,300 Victoria's AGI for 2018 is less than $150,000. How much penality will Victoria have to pay...

  • Jane Smith, age 40, is single and has no dependents. She is employed as a legal secretary by Lega...

    Jane Smith, age 40, is single and has no dependents. She is employed as a legal secretary by Legal Services, Inc. She owns and operates Typing Services located near the campus of Florida Atlantic University at 1986 Campus Drive. Jane is a material participant in the business. She is a cash basis taxpayer. Jane lives at 2020 Oakcrest Road, Boca Raton, FL 33431. Jane's Social Security number is 123-45-6789. Jane indicates that she wants to designate $3 to the Presidential...

  • Note: This problem is for the 2018 tax year. Alfred E. Old and Beulah A. Crane,...

    Note: This problem is for the 2018 tax year. Alfred E. Old and Beulah A. Crane, each age 42, married on September 7, 2016. Alfred and Beulah will file a joint return for 2018. Alfred's Social Security number is 111-11-1109. Beulah's Social Security number is 123-45-6780, and she adopted "Old" as her married name. They live at 211 Brickstone Drive, Atlanta, GA 30304. Alfred was divorced from Sarah Old in March 2016. Under the divorce agreement, Alfred is to pay...

  • Beth R. Jordan lives at 2322 Skyview Road, Mesa, AZ 85201. She is a tax accountant...

    Beth R. Jordan lives at 2322 Skyview Road, Mesa, AZ 85201. She is a tax accountant with Mesa Manufacturing Company, 1203 Western Avenue, Mesa, AZ 85201 (employer identification number 11-1111111). She also writes computer software programs for tax practitioners and has a part-time tax practice. Beth is single and has no dependents. Beth's birthday is July 4, 1972, and her Social Security number is 123-45-6785. She wants to contribute $3 to the Presidential Election Campaign Fund. The following information is...

  • Molly Whitman is a single taxpayer under the age of 65 and has adjusted gross income...

    Molly Whitman is a single taxpayer under the age of 65 and has adjusted gross income (AGI) in 2019 equal to $215,000. She reported the following financial information pertaining to her 2019 activities: a) Molly incurs $6,800 of qualified medical expenses in 2019. b) Molly's state income tax withholdings for 2019 equal $6,100. c) In 2019, Molly was due a refund of $725 for overpaying her 2018 state taxes. She elected to have this overpayment applied toward her 2019 state...

  • Beth R. Jordan lives at 2322 Skyview Road, Mesa, AZ 85201. She is a tax accountant...

    Beth R. Jordan lives at 2322 Skyview Road, Mesa, AZ 85201. She is a tax accountant with Mesa Manufacturing Company, 1203 Western Avenue, Mesa, AZ 85201 (employer identification number 11-1111111). She also writes computer software programs for tax practitioners and has a part-time tax practice. Beth is single and has no dependents. Beth's birthday is July 4, 1972, and her Social Security number is 123-45-6785. She wants to contribute $3 to the Presidential Election Campaign Fund. The following information is...

  • I need Form 1040 (2018), Schedule 1, Schedule B, and Schedule A check figure - Taxable...

    I need Form 1040 (2018), Schedule 1, Schedule B, and Schedule A check figure - Taxable Income $36,012 you can do only Form 1040 and Schedule 1 for year 2018 7-61 Alice Johnson, Social Security number 222-23-3334, is a single taxpayer and is employed as a secretary by State University of Florida. She has the following items pertaining to her income tax return for the current year: • Received a $30,000 salary from her employer, who withheld $4,200 federal income...

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT