Jerome,a self-employed attorney,is scrambling around to refigure his estimated 2013 income tax liability,because he needs to mail his third quarter estimated tax payment tomorrow (September 15,2013).What concept,construct,or doctrine is causing Jerome to scramble?

Question

Quizplus · Accepted Answer

The Pay-As-You-Go Concept requires individuals to pay their taxes throughout the year, rather than in one lump sum at the end of the year. Self-employed individuals like Jerome need to make estimated tax payments quarterly, including on September 15th, to avoid penalties for underpayment of taxes. This is causing Jerome to scramble to refigure his estimated tax liability.

Jerome,a Self-Employed Attorney,is Scrambling Around to Refigure His Estimated 2013