Elliot's tax liability for last year was $$40,000.$ Elliot projects that his tax for this year will be $$48,000.$ Elliot is self$-$employed and, thus, will have no withholding. His AGI for last year did not exceed $$150,000.$

Requirement

How much estimated tax should Elliot pay for this year to avoid the penalty for underpaying estimated taxes?

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.

To avoid the penalty for underpaying estimated taxes, the amount Elliot should pay in estimated taxes $=$