Charles and Joan Thompson file a joint return. In 2022, they had taxable income of $98,800 and paid tax of $13,615.Charles is an advertising executive, and Joan is a college professor. During the fall 2023 semester, Joan is planning totake a leave of absence without pay. The Thompsons expect their taxable income to drop to $80,000 in 2023. Theyexpect their 2023 tax liability will be $9, 323, which will be the approximate amount of their withholding. Joan anticipatesthat she will work on academic research during the fall semester. During September, Joan decides to perform consultingservices for some local businesses. Charles and Joan had not anticipated this development. Joan is paid a total of $40,000 during October, November, and December for her work. Use the appropriate Tax Rate Schedules. Required: Whatestimated tax payments are Charles and Joan required to make, if any, for tax year 2023? Note: Round your intermediatecalculations and final answer to the nearest dollar amount.

Estimated tax payment refers to the periodic payments made by individuals or businesses to the tax…

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estimated tax payments are Charles and Joan required to make, if any, for tax year 2023?

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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Concept explainers

Fringe Benefit Tax

Fringe benefits are in addition to the compensation that companies give to their employees. It is an additional benefit above the stated salary. It helps to keep the employees of the firm motivated as sometimes the only salary is not enough to retain the quality employees of the firm. There are different types of fringe benefits. Fringe benefits are given in both private as well as public enterprises.

Question

Charles and Joan Thompson file a joint return. In 2022, they had taxable income of $98,800 and paid tax of $13,615.
Charles is an advertising executive, and Joan is a college professor. During the fall 2023 semester, Joan is planning to
take a leave of absence without pay. The Thompsons expect their taxable income to drop to $80,000 in 2023. They
expect their 2023 tax liability will be $9, 323, which will be the approximate amount of their withholding. Joan anticipates
that she will work on academic research during the fall semester. During September, Joan decides to perform consulting
services for some local businesses. Charles and Joan had not anticipated this development. Joan is paid a total of $
40,000 during October, November, and December for her work. Use the appropriate Tax Rate Schedules. Required: What
estimated tax payments are Charles and Joan required to make, if any, for tax year 2023? Note: Round your intermediate
calculations and final answer to the nearest dollar amount.

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