Jill's AGI was $120,000 last year, her federal tax liability was $40,000. In the currentyear Jill, an employee, expects her W-2 commissions to decrease and would like topay in the least amount of tax to avoid penalties. During the first quarter Jill made$20,000 and withheld $3,000 if you assume a 25% tax rate how much, if any,estimated tax payment should Jill pay by 4/15 of the current year.

As per IRS guidelines, individuals are generally required to make estimated tax payments if they…

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estimated tax payment should Jill pay by 4/15 of the current year.

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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Question

Jill's AGI was $120,000 last year, her federal tax liability was $40,000. In the current
year Jill, an employee, expects her W-2 commissions to decrease and would like to
pay in the least amount of tax to avoid penalties. During the first quarter Jill made
$20,000 and withheld $3,000 if you assume a 25% tax rate how much, if any,
estimated tax payment should Jill pay by 4/15 of the current year.

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