Sheryl's AGI is $200,000.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

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 $52,068 is $46,861. 100% of $48,722 is $48,722. The higher of these two amounts is $48,722.

Sheryl's AGI Is $200,000