Income Tax Fundamentals 2020
Income Tax Fundamentals 2020
38th Edition
ISBN: 9780357391129
Author: WHITTENBURG
Publisher: Cengage
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Chapter 9, Problem 6MCQ

Estimated payments for individual taxpayers are due on the following dates:

  1. Twice a year on April 15 and September 15
  2. Four installments on April 15, June 15, September 15, and January 15 of the next year
  3. Four times a year on April 15, July 15, September 15, and December 15
  4. Twice a year on June 15 and December 15

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On july 1, Shady creek resort borrowed 290,000 cash by signing a 10 year, 10% installment note requiring equal payments each june 30 of 47,196. what amount of interest expense will be included in the first annual payment?
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