Anna does not make quarterly estimated tax payments even though she has substantial...
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Accounting
Anna does not make quarterly estimated tax payments even though she has substantial amounts of income that are not subject to withholding. In the previous year, Anna's tax liability was $18,000 and her AGI was $135,000. In the current year, Anna's actual tax liability is $30,000, and $18,200 was withheld from her salary. Requirements a. Is Anna subject to the underpayment penalty? Why? b. If Anna's withholdings were only $15,000, would she be subject to the underpayment penalty? Why? c. If Anna is subject to an underpayment penalty, can she deduct this amount as interest? Explain Requirement a. Is Anna subject to the underpayment penalty? Why? subject to the underpayment penalty because her current year withholdings This is because her AGI for the prior year was not more than S Requirement b. If Anna's withholdings were only $15,000, would she be subject to the underpayment penalty? Why? f Anna's withholdings were only $15,000, then subject to the underpayment penalty because her current year withholdings Choose from any list or enter any numher in the innut fields and then continue to the next questinn
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