Reference no: EM131203054
Judy's estimated tax payments for the current year total $14,000 , and federal income taxes withheld from her salary amount to $12,000. Judy's actual tax liability for the current year is $30,000. Her income was earned evenly throughout the current year. Judys AGI for the prior year was $160,000 and her tax liability was $25,000. Is Judy subject to the underpayment penalty? Explain.
a. Judy is subject to the underpayment penalty because her $26,000 in current year prepayments are less than both 110% of last year's tax liability and 90% of this year's tax liability. She must meet the 110% exception because her prior year AGI was more than $150,000.
b. Judy is subject to the underpayment penalty because her $26,000 in current year prepayments are less than both 90% of last year's tax liability and 100% of this year's tax liability. She must meet the 100% exception because her prior year AGI was more than $150,000 .
c. Judy is not subject to the underpayment penalty because her $26,000 in current year prepayments meet both 90% of this year's tax liability and 110% of last year's tax liability. She must meet the 110% exception because her prior year AGI was more than $125,000
d. Judy is not subject to the underpayment penalty because her $26 ,000 in current year prepayments meet both 90% of this year's tax liability and 100% of last year's tax liability . She must meet the 100% exception because her prior year AGI was more than $125 ,000
|
What will the no-load speed of the motor be
: If this motor is loaded down so that it consumes 600 W from the battery, what will the induced torque of the motor be? (Ignore any internal resistance in the motor.)
|
|
Critique each staff prepared analysis
: Pop-In Burgers owns numerous restaurants and food production facilities. The company routinely evaluates proposals to drive operational efficiency. Four such proposals are currently under review. One entails the suggestion to close the unprofitable s..
|
|
Calculate variable cost per soda made with sodastream system
: Assume a consumer purchases the SodaStream system. What type of cost is the SodaStream soda maker (machine)? What type of cost is the carbonator refill? What type of cost is the SodaMix? Calculate the variable cost per soda made with a SodaStream sys..
|
|
What is a semiconductor
: What is a semiconductor? - How does it compare with a conductor and an insulator?
|
|
Subject to the underpayment penalty
: Judy's estimated tax payments for the current year total $14,000 , and federal income taxes withheld from her salary amount to $12,000. Judy's actual tax liability for the current year is $30,000. Her income was earned evenly throughout the current y..
|
|
Calculate cindys net capital gain for current financial year
: MLC 703- PRINCIPLES OF INCOME TAX LAW - Critically discuss the whether capital gains should be subject to a 50% discount. Please consider this in the context of fairness, economic efficiency, protection of government revenue and any other relevant..
|
|
What is the appropriate setup? time
: Given the following information about a? product, at Phyllis? Simon's firm, what is the appropriate setup? time? Setup labor cost ?$30.00 per hour Annual holding cost ?$17 per unit Daily production 1,200 ?units/day Annual demand 29,000 Desired lot si..
|
|
What is the armature resistance ra of this machine
: Assuming that the speed of rotation and magnetic flux density are constant, plot the terminal voltage of this machine as a function of the current drawn from it.
|
|
Name two materials that are good conductors of electricity
: Name two materials not listed in Table that are good conductors of electricity.
|