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Michael is a podiatrist and has adjusted gross income of $232,000. His tax liability is...

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Accounting

Michael is a podiatrist and has adjusted gross income of $232,000. His tax liability is $51,600 for 2023 and was $48,000 for 2022. Assuem that the underpayment interest rate charged by the IRS is 4% annually. If Michael had paid estimated tax payments of $41,000 evenly throughout the year, would he be subject to any underpayment of tax penalty? If so, how much?

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