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Requirement What minimum amount of estimated taxes should Elliot pay this year? To avoid...

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Accounting

Requirement
What minimum amount of estimated taxes should Elliot pay this year?
To avoid the penalty for underpaying estimated taxes for this year Elliot must pay the lesser of 100% of his prior year tax liability or 90% of his current year tax liability.
Amount Elliot should pay in estimated taxes this year to avoid underpayment penalty =
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