If a taxpayer's AGI is greater than $150,000,no penalty will be imposed if the taxpayer pays estimated tax payments in 2017 equal to what percentage of 2016's income tax liability?
A)100%
B)90%
C)110%
D)120%

Question

Quizplus · Accepted Answer

C)If the taxpayer's AGI is greater than $150,000,no penalty will be imposed if the taxpayer pays estimated tax payments in the current year equal to 110% of the preceding year's income tax liability.

If a Taxpayer's AGI Is Greater Than $150,000,no Penalty Will