Sheryl's AGI is $251,100. Her current tax liability is $52,178. Last year, her tax liability was $48,832. She will not owe underpayment penalties if her total estimated tax payments are at least which of the following (rounded)amounts? (Assume she makes the required payments each quarter.)

Question

Quizplus · Accepted Answer

The required estimated tax payments are at least 90% of the current year's tax liability or 100% of the prior year's tax liability. 90% of $52,178 is $46,960. 100% of $48,832 is $48,832. The higher of these two amounts is $48,832.

Sheryl's AGI Is $251,100