Vinitpaul has the following information: AGI for 2022 Withholding for 2022 Total tax for 2021 Total tax for 2022 $ 155,000 $ 27,300 $ 31,200 $ 31,197 Required: a. How much must Vinitpaul pay in estimated taxes to avoid a penalty? Note: Round the final answer to nearest whole dollar amount. Minimum estimated tax payment

Vinitpaul has the following information: AGI for 2022 Withholding for 2022 Total tax for 2021 Total tax for 2022 $ 155,000 $ 27,300 $ 31,200 $ 31,197 Required: a. How much must Vinitpaul pay in estimated taxes to avoid a penalty? Note: Round the final answer to nearest whole dollar amount. Minimum estimated tax payment

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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Vinitpaul has the following information:
AGI for 2022
Withholding for 2022
Total tax for 2021
Total tax for 2022
$ 155,000
$ 27,300
$ 31,200
$ 31,197
Required:
a. How much must Vinitpaul pay in estimated taxes to avoid a penalty?
Note: Round the final answer to nearest whole dollar amount.
Minimum estimated tax payment
b. If Vinitpaul had paid $900 per quarter, would he have avoided the estimated tax penalty?

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