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So are the estimated tax payments for the current year 90% or 100%?
ESTIMATED TAX PAYMENTS
! The lesser of:
o 90% of current total tax
o 100% of prior year’s total tax
o 110% of prior year’s total tax
” If AGI is $150,000 or more
The amount required to be paid in estimated tax installments by a corporation is the lesser of 100% of the tax shown on its return for the preceding 12-month tax year (if some income tax was due) or what percentage of the tax shown on its return for the current year? (determined on the basis of actual income or annualized income)
A. 100%
B. 97%
C. 95%
D. 90%
A. The estimated tax payment required in installments is the lesser of: 100% of the tax shown on the return for the preceding year or 100% of the tax shown for the current year.
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