This year, Santhosh, a single taxpayer, estimates that his tax
liability will be $95,500. Last year, his total tax liability was
$13,500. He estimates that his tax withholding from his employer
will be $33,500.
a. Is Santhosh required to increase his withholding or make estimated tax payments this year to avoid the underpayment penalty?
b. By how much, if any, must Santhosh increase his withholding and/or estimated tax payments for the year to avoid underpayment penalties?
Rasheed works for Company A, earning $431,000 in salary during
Assuming he is single and has no other sources of income, what amount of FICA tax will Rasheed pay for the year? (Round your intermediate and final answer to the nearest whole dollar amount.)
This year Luke has calculated his gross tax liability at $2,000.
Luke is entitled to a $2,700 nonrefundable personal tax credit, a
$1,650 business tax credit, and a $700 refundable personal tax
credit. In addition, Luke has had $2,550 of income taxes withheld
from his salary. (Input the amount as a positive
What is Luke’s net tax due or refund?
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