In 2021, Erica's AGI was $141,000, and the total tax liability was $33,650. This year, Elon’s total tax liability is $35,290. Compute the minimum amount of 2022 tax that Erica had to prepay (withholding and estimated payments) to avoid an underpayment penalty.
In 2021, Erica's AGI was $141,000, and the total tax liability was $33,650. This year, Elon’s total tax liability is $35,290. Compute the minimum amount of 2022 tax that Erica had to prepay (withholding and estimated payments) to avoid an underpayment penalty.
Chapter1: Federal Income Taxation—an Overview
Section: Chapter Questions
Problem 62P
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In 2021, Erica's AGI was $141,000, and the total tax liability was $33,650. This year, Elon’s total tax liability is $35,290. Compute the minimum amount of 2022 tax that Erica had to prepay (withholding and estimated payments) to avoid an underpayment penalty.
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