1. Samantha is self-employed. She had a tax liability in 2014 of $17,000. For 2015, her business has grown and Samantha projects a 2015 tax liability of $31,000. If Samantha makes timely quarterly installments of estimated taxes of $1,500 or she will NOT be subject to underpayment penalties.

True or False?

2. If a taxpayer's AGI is over $150,000 in 2015, he must make estimated tax payments for 2016 that are based on 110% of his 2015 tax liability in order to meet the estimated tax "safe harbor" and avoid an underpayment penalty.

True or False?