Sheryl's AGI is $250,000. Her current tax liability is $52,068. Last year, her tax liability was $48,722. 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

Because Sheryl's AGI is over $150,000, her estimated payments must be either 90 percent of her current tax liability which is $46,861 or 110 percent of her previous year's tax liability of $53,594.

Sheryl's AGI Is $250,000