Compute helens estimated tax underpayment

Assignment Help Financial Management

Reference no: EM13943452

Helen's income tax liability for 2011 was$24,000. Her self-employment tax was $4,000. Helen projects that her income tax for 2012 will be $34,000 and her self-employment tax will be $6,000. Helen will have $4,000 of income tax withholdings in 2012. Helen makes estimated payments of $3,000 on April 15,2012; $5,000 on June 8,2012; $5,000 on September 15, 2012; and $4,000 on January 3,2013. Helen files her return and pays the tax due on March 21,2013. Compute Helen's estimated tax underpayment for each quarter (if any) and indicate the time period for the underpayment penalty for each payment.

Reference no: EM13943452

Questions Cloud

Dividend is expected to grow at a constant rate : Butler Corp paid a dividend today of $3.50 per share. The dividend is expected to grow at a constant rate of 8% per year. If Butler Corp stock is selling for $75.60 per share, the stockholders' expected rate of return is:

Level descends towards the equilibrium value : in heat transfer terms , the surface temperature rises above the wet bulb surface ceases to behave as a wet surface - the surface temperature rises to dry bulb temperature and air as the moisture level fa..

What is the yield to maturity : A General Co. bond has an 8% coupon and pays interest annually. The face value is $1,000 and the current market price is $1,020.50. The bond matures in 20 years. What is the yield to maturity?

Op amp dc voltage analysis : Assume that the op-amps are ideal and that the magnitude of their output voltages is less than their maximum peak output voltage swing (VOM).

Compute helens estimated tax underpayment : Helen's income tax liability for 2011 was$24,000. Her self-employment tax was $4,000. Helen projects that her income tax for 2012 will be $34,000 and her self-employment tax will be $6,000. Helen will have $4,000 of income tax withholdings in 2012. C..

Describe importance of a project phase review meeting : Describe the structure and importance of a project phase review meeting. Select three areas that need to be reviewed by the project manager and explain why

Evaluation of the incremental cash flows associated : Estimate the cost of capital appropriate for the evaluation of the incremental cash flows associated with the Collinsville investment. Estimate the weighted average cost of capital appropriate for discounting the Collinsville plant’s incremental cash..

Role of agenda and consequences of poor planning : Explain the role of the agenda and consequences of poor planning.

Transfer coefficient from a free water surface : Mass transfer coefficient from a free water surface to an adjacent moving air stream has been found to be 0.015 kg/m2-s. Estimate the rate of evaporation from a surface of 1 m2 at a temperature of 28 oc into an air..

User Account

All Pages