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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