Elmer's tax liability for last year was $38,000. Elmer projects that his tax for this year will be $30,000. Elmer 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 Elmer pay for this year to avoid the penalty for underpaying estimated taxes? To avoid the penalty for underpaying estimated taxes for this year Elmer must pay the greater of 90% of his prior year tax liability or 110% of his current year tax liability