How much must paul pay in estimated taxes to avoid a, Ask an Expert

Accounting

Paul has the following information:

AGI for 2009 $155,000

Withholding for 2009 20,000

Total tax for 2008 29,000

Total tax for 2009 31,250

a. How much must Paul pay in estimated taxes to avoid a penalty (disregard the making work credit)?

b. If Paul paid $1,000 per quarter, would he have avoided the estimated tax penalty?

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9441313

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