Disregarding any small business exceptions, for the currentyear, which of the following situations will result...

Disregarding any small business exceptions, for the current year, which of the following situations will result in a taxpayer owing a penalty for underpayment of taxes?

a.A married filing joint taxpayer had AGI of $160,000 and total tax of $35,000 in the prior year. For the current year, AGI is $175,000 and total tax is $40,000. He had no withholding in the current year and paid a total of $35,000 in estimated taxes.

b.The taxpayer owes $950 in taxes after his withholding was applied to his current year's tax return.

c.The taxpayer had AGI of $75,000 and total tax of $15,000 in the prior year. For the current year, his AGI is $62,000 and total tax is $12,500. He had no withholding in the current year and paid a total of $11,500 in estimated taxes.

d.The taxpayer had AGI of $100,000 and total tax of $20,000 in the prior year. For the current year, his AGI is also $100,000, but his total tax is $15,000. His withholding amounted to $10,000, and he paid $6,000 in estimated taxes.

Expert Solution

Disregarding any small business exceptions, for the current year, which of the following situations will result in a taxpayer owing a penalty for underpayment of taxes:-

a.A married filing joint taxpayer had AGI of $160,000 and total tax of $35,000 in the prior year. For the current year, AGI is $175,000 and total tax is $40,000. He had no withholding in the current year and paid a total of $35,000 in estimated taxes.

ekkarill92 answered 2 years ago

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