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Jeff's tax liability for last year was $30,000. Jeff projects that his tax for this year will be only $25,000. Jeff is self-employed and, thus, will have no withholding. His AGI for last year did not exceed $150,000. How much estimated tax, at a minimum, should Jeff pay for this year to avoid the penalty for underpayment of estimated taxes? How would your answer change if his income exceeded last year's due to a large capital gain at the end of the year?
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Progressive inflammation of the joints.
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A neurological condition characterized by intense, disabling headaches often accompanied by nausea, vomiting, and sensitivity to light and sound.
Civil Engineer
A professional who plans, designs, and oversees construction projects in the public and private sectors.
Cognitive Behavioral Therapy
A psychological treatment method that aims to change negative thought patterns and behaviors.
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