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Homework answers / question archive / Sheryl's AGI is $251,600
Sheryl's AGI is $251,600. Her current tax liability is $52,228. Last year, her tax liability was $48,882. She will not owe underpayment penalties if her total estimated tax payments are at least which of the following amounts (assume she makes the required payments each quarter)?
$47,005
$48,882
$51,706
$53,770
Correct option is A :47,005
Explanation
Because Sheryl’s AGI is over $150,000, her estimated payments must be either 90 percent of her current tax liability which is $ 52,228*90% is 47,005
