Question
A) When reviewing a clients income tax return from the prior year you notice that he had adjusted gross income of $175,000 and paid federal
A) When reviewing a clients income tax return from the prior year you notice that he had adjusted gross income of $175,000 and paid federal income tax of $31,500. Assuming that the clients income for this year is materially higher than that of last year, what is the minimum amount the client needs to pay in estimated payments or withholdings to meet the safe harbor rule
B) Several years ago, Jim the Sam failed to file a tax return or pay his taxes. Jim owed $10,000 in taxes. Jims tax return and his tax payment are both now 60 months overdue. What is the total amount of penalties due?
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