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Dmitriy789 [7]
3 years ago
14

Why is it important that the house is made of a majority of democrats ?

Law
1 answer:
Vikki [24]3 years ago
8 0
So they don’t impeach trump because if they were senate they would get him out if it wasn’t illegal.... no honestly that’s an opinion
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For James to avoid an underpayment penalty in 2020, he needs to pay <u>$23,912.50</u>.

<h3>What is an underpayment penalty?</h3>

An underpayment penalty is the IRS fine levied on taxpayers who do not pay enough of their estimated tax liability.

According to the IRS rules, to avoid an underpayment penalty, James must pay either 100% of last year's tax or 90% for 2020.

<h3>Data and Calculations:</h3>

Tax liability from 2019 = $6,700

AGI for the current tax year = $85,000

Taxable income = $76,500 (assumed to be 90% of AGI)

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Minimum tax to pay to avoid underpayment penalty = $23, 912.50 ($6,700 + $19,125 x 90%)

Thus, for James to avoid an underpayment penalty in 2020, he needs to pay <u>$23,912.50</u>.

Learn more about underpayment penalties at brainly.com/question/14328731

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