Charles and Joan Thompson file a joint return. In 2014, they hadtaxable income of $81,240 and paid tax of $12,237. Charles is anadvertising executive and Joan is a college professor. During thefall 2015 semester, Joan is planning to take a leave of absencewithout pay. The Thompsons expect their taxable income to drop to$63,000 in 2015. They expect their 2015 tax liability will be$8,546, which will be the approximate amount of their withholding.Joan anticipates that she will work on academic research during thefall semester. During September, Joan decides to perform consultingservices for some local businesses. Charles and Joan had notanticipated this development. Joan is paid a total of $26,000during October, November, and December for her work. Use theappropriate Tax Rate Schedules.
a. What estimated tax payments are Charles and Joan required tomake, if any, based on the estimated tax liability for tax year2015?
Charles and Joan Thompson file a joint return. In 2014, they hadtaxable income of $81,240 and paid tax of $12,237. Charles is anadvertising executive and Joan is a college professor. During thefall 2015 semester, Joan is planning to take a leave of absencewithout pay. The Thompsons expect their taxable income to drop to$63,000 in 2015. They expect their 2015 tax liability will be$8,546, which will be the approximate amount of their withholding.Joan anticipates that she will work on academic research during thefall semester. During September, Joan decides to perform consultingservices for some local businesses. Charles and Joan had notanticipated this development. Joan is paid a total of $26,000during October, November, and December for her work. Use theappropriate Tax Rate Schedules.
a. What estimated tax payments are Charles and Joan required tomake, if any, based on the estimated tax liability for tax year2015?
