Sheryl's AGI Is $250,700. Her current tax liability is $52,138. Last year, her tax liability was $48,792. 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.)
Sheryl's AGI Is $250,700. Her current tax liability is $52,138. Last year, her tax liability was $48,792. 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.)
Chapter17: Tax Practice And Ethics
Section: Chapter Questions
Problem 34P
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Question
Transcribed Image Text:Sheryl's AGI is $250,700. Her current tax liability is $52,138. Last year, her tax liability was $48,792. 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.)
Multiple Choice
$46,924
$48,792
$51,617
$53,671
x
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