Estimated taxes to avoid a penalty, Accounting Basics

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Estimated taxes to avoid a penalty

Paul has the following information:

AGI for 2009 $155,000
Withholding for 2009 20,000
Total tax for 2008 29,000
Total tax for 2009 31,250

a. How much must Paul pay in estimated taxes to avoid a penalty (disregard the making work credit)?

b. If Paul paid $1,000 per quarter, would he have avoided the estimated tax penalty?

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Accounting Basics: Estimated taxes to avoid a penalty

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Accounting Basics: Estimated taxes to avoid a penalty

Reference No:- TGS090818

Have a Question? (oR Write a Review)

Recent Questions Asked Accounting Basics

Q : First two progeny plants produced have red flowers

Q : To whom should betta sell the land

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Accounting Basics: Estimated taxes to avoid a penalty

Reference No:- TGS090818

Recent Questions Asked Accounting Basics

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Q : Running an application on your hand-held device

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