Estimated taxes to avoid penalty

Assignment Help Accounting Basics

Reference no: EM13151172

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?

Reference no: EM13151172

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