42. LO.6 Julie, being self-employed, is required to make estimated payments of her tax liability for the year. Her tax liability for 2018 was $25,000, and her AGI was less than $150,000. For 2019, Julie ultimately determines that her income tax liability is $18,000. During the year, however, she made the following payments, totaling $13,000. April 15, 2019 $ 4,500 June 17, 2019 2,800 September 16, 2019 4,100 January 2020 Total paid 1,600 $13,000 Because Julie prepaid so little of her ultimate income tax liability, she now realizes that she may be subject to the penalty for underpayment of estimated tax. Determine Julie's exposure to the penalty for underpayment of estimated tax. b. The same as part (a), except that Julie's tax liability for 2018 was $15,960. a.

42. LO.6 Julie, being self-employed, is required to make estimated payments of her tax liability for the year. Her tax liability for 2018 was $25,000, and her AGI was less than $150,000. For 2019, Julie ultimately determines that her income tax liability is $18,000. During the year, however, she made the following payments, totaling $13,000. April 15, 2019 $ 4,500 June 17, 2019 2,800 September 16, 2019 4,100 January 2020 Total paid 1,600 $13,000 Because Julie prepaid so little of her ultimate income tax liability, she now realizes that she may be subject to the penalty for underpayment of estimated tax. Determine Julie's exposure to the penalty for underpayment of estimated tax. b. The same as part (a), except that Julie's tax liability for 2018 was $15,960. a.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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