Question
Larry Short has self-employment income of $62,000 in 2019. Prior to this year, he was employed full-time and his employer's withholdings more than covered his
Larry Short has self-employment income of $62,000 in 2019. Prior to this year, he was employed full-time and his employer's withholdings more than covered his tax liability for the year. Larry estimates that, based on his self-employment income, his net tax owing for 2019 will be $8,000. Which of the following statements is true?
Larry must file his return for 2019 by April 30, 2020.Larry should pay instalments in 2019.Larry must pay his income tax for 2019 by June 15, 2020.If Larry has as much income in 2020 as he had in 2019, he will have to pay instalments during 2020.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started