Completed quickly and followed instructions given. Grammar, spelling, etc. was all good as well. Thank you so much! Will hire in the future.
BarBRanch has had taxable income of $450,000, $570,000, $760,000 and $680,000 in years 2013 through 2016, respectively. What were the equal minimum quarterly estimated tax payments for 2016 that BarBRanch should have made in 2016 to avoid any penalty?
ANSWER a. Tax on $680,000 is $231,200. Minimum quarterly payment = 25% ($231,200 – $499) = $57,675.25 rounded up to 57,676 as the underpayment must be less than $500.
Question: Where is $499 come from??
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