In 2021, Erica's AGI was $141,000, and the total tax liability was $33,650. This year, Elon’s total tax liability is $35,290. Compute the minimum amount of 2022 tax that Erica had to prepay (withholding and estimated payments) to avoid an underpayment penalty.

In 2021, Erica's AGI was $141,000, and the total tax liability was $33,650. This year, Elon’s total tax liability is $35,290. Compute the minimum amount of 2022 tax that Erica had to prepay (withholding and estimated payments) to avoid an underpayment penalty.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

For 2023 Tax Period: Lucy is 17 years old and a dependent of her parents. She receives $9,000 of wages from a part-time job and $10,400 of taxable interest from regular bonds she inherited. Lucy saves all income she makes and doesn't use it for her support. Determine the amount of the tax liability applicable to Lucy, including any possible kiddie tax. Her parents' marginal rate of taxation is 24%.
Despite obtaining an extension to file his tax return, Albert Einstein filed his 2023 tax return late on November 27, 2024. He paid the tax due at this time as well. His return showed a taxable income of $175,235. His filing status is head of household. A.) Calculate his 2023 federal income tax liability. B.) He had federal taxes withheld during 2023 of $10,000. Identify what penalties he owes, if any, and how much each penalty would be. C.) What is his marginal tax rate?
For 2018, Randy, an unmarried taxpayer, has wages of $45,000. He has a significant amount of income from dividends and interest and therefore expects to have a federal income tax liability of $18,000. His total federal income tax withholding for the year is $9,500. Randy had $100,000 of adjusted gross income and a federal tax liability of $11,000 on his 2017 return. To avoid a penalty for underpayment of estimated taxes, what is the minimum amount of total estimated tax that Randy must pay in 2018? Assume the payments are made on a timely basis.
In 2023, a taxpayer who paid $16,500 of self-employment tax would deduct $ deduction. of the tax as a (for/from) I AGI
Victoria's 2019 tax return was due on April 15, 2020, but she did not file it until June 12, 2020. Victoria did not file an extension. The tax due on the tax return when filed was $9,600. In 2019, Victoria paid in $15,300 through withholding. Her 2018 tax liability was $13,700. Victoria’s AGI for 2019 is less than $150,000. How much penalty will Victoria have to pay (disregard interest)?
Michael earns $10,000, and his tax liability for the current year is $8,000, double what it was the previous year. to avoid penalties, how much do his combined payments (withholdings and ccredits) haave to be?
Adelaide is self-employed and must submit estimated quarterly tax payments. Her predicted total tax liability for the current year will be $⁢36,000, and her current withholdings are $⁢18,283. She is advised to determine her quarterly payments by subtracting her current withholdings from her predicted total tax liability and dividing by four. What is a good estimate for Adelaide to use for her quarterly payments?
ne
Subject - account Please help me. Thankyou.
In 2020, Shelly had net earnings from her business of $160,000. What is the amount of Shelly’s self-employed tax? Round answer to nearest dollar.
None
Trudy's AGI last year was $366,000. Her Federal income tax came to $109,800, paid through both withholding and estimated payments. This year, her AGI will be $549,000, with a projected tax liability of $82,350, all to be paid through estimates. Trudy wants to pay the least amount of tax that does not incur a penalty. Note: Ignore the annualized income method. If required, round intermediate calculations to two decimal place and your final answer to the nearest dollar. a. Compute Trudy's total estimated tax payments for this year.Under the current-year method: $Under the prior-year method: $ b. Assume instead that Trudy's AGI last year was $86,000 and resulted in a Federal income tax of $17,200. Determine her total estimated tax payments for this year.Under the current-year method: $Under the prior-year method: $