Exercise 20-12 (Algorithmic) (LO. 1) The entity reports the following transactions for the 2021 tax year. The trustee accumulates all accounting income for the year. Click here to access tax table for this problem. Carryout the tax computations to two decimal places and round the final tax liability to the nearest dollar. Compute the Federal income tax liability for the Valerio Trust by providing the following amounts: The amount of the trustee's gross income taxed at 20% for the Valerio Trust is $ The Trustee taxable income taxed at ordinary rates for the Valerio Trust is $ The Federal income tax liability for the Valerio Trust is $ X. Nan's AGI last year was $254,000. Her Federal income tax came to $76,200, paid through both withholding and estimated payments. This year, her AGI will be $381,000, with a projected tax liability of $57,150, all to be paid through estimates. Wan wants to pay the least amount of the during the year that does not incur a penalty. If required, round intermediate calculations to two decimal place and your final answer to the nearest dollar. a. Compute Wan's total estimated tax payments for this year. Under the current-year method: Under the prior-year method: $ Feedback Check My Work A penalty is imposed for a failure to pay estimated income taxes. The penalty applies to individuals and corporations and is based on the rate of interest in effect for deficiency assessments. b. Assume instead that Wan's AGI last year was $70,000 and resulted in a Federal income tax of $14,000. Determine her total estimated tax payments for this year. Under the current-year method: \$ Under the prior-year method: $X