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What is the amount of underpayment penalty

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Question A. This year (2019) a single taxpayer estimates that his tax liability will be $11500. Last year his total tax liability was $16000. He estimates that his tax withholding from his employer will be $8750.

Question B. Assuming the taxpayer does not make any additional payments, what is the amount of his underpayment penalty? Assume the federal short term rate is 5 percent.

Reference no: EM132465791

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