Beth and Jay project the following taxes for the current year: How much in estimated tax payments (including withholding from wages and quarterly estimated payments) sh the taxpayers pay this year in order to avoid underpayment penalties under the following assumptions regardin preceding tax year?
a. Preceding tax year- AGI of $140,000 and total taxes of $30,000.
b. Preceding tax year- AGI of $175,000 and total taxes of $48,000.

Question

Beth and Jay project the following taxes for the current year:  How much in estimated tax payments (including withholding from wages and quarterly estimated payments) sh the taxpayers pay this year in order to avoid underpayment penalties under the following assumptions regardin preceding tax year?
a. Preceding tax year- AGI of $140,000 and total taxes of $30,000.
b. Preceding tax year- AGI of $175,000 and total taxes of $48,000.

Quizplus · Accepted Answer

The Answer of Beth and Jay project the following taxes for the current year:  How much in estimated tax payments (including withholding from wages and quarterly estimated payments) sh the taxpayers pay this year in order to avoid underpayment penalties under the following assumptions regardin preceding tax year?
a. Preceding tax year- AGI of $140,000 and total taxes of $30,000.
b. Preceding tax year- AGI of $175,000 and total taxes of $48,000.

Beth and Jay Project the Following Taxes for the Current