question archive Happy, Sleepy, Grumpy, and Doc all did not make adequate estimated payments
Happy, Sleepy, Grumpy, and Doc all did not make adequate estimated payments
Subject:BusinessPrice:2.87 Bought7
Happy, Sleepy, Grumpy, and Doc all did not make adequate estimated payments. Which of them will not owe underpayment penalties for 2019 given the following information?
Tax liability 2019 2018 2017
Happy $ 2,200 $ 0 $ 500
Sleepy $ 1,500 $ 500 $ 700
Grumpy $ 1,200 $ 200 $ 0
Doc $ 800 $ 1,100 $ 1,001
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Answer:
The Underpayment penalty for Happy is 0 beacuse he has no liability in last year.
Doc also not liable for underpayment penalty because his tax liability for the current year is less than 1,000
So Happy and Doc will not owe underpayment penalties for 2019
