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Charles and Joan Thompson file a joint return. In 2017, they had taxable income of $92,370...

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Finance

Charles and Joan Thompson file a joint return. In 2017, they hadtaxable income of $92,370 and paid tax of $14,571. Charles is anadvertising executive, and Joan is a college professor. During thefall 2018 semester, Joan is planning to take a leave of absencewithout pay. The Thompsons expect their taxable income to drop to$70,000 in 2018. They expect their 2018 tax liability will be$8,022, 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 consulting services forsome local businesses. Charles and Joan had not anticipated thisdevelopment. Joan is paid a total of $35,000 during October,November, and December for her work. Use the appropriate Tax RateSchedules.

a. What estimated tax payments are Charles andJoan required to make, if any, for tax year 2018? (Roundyour final answer to 2 decimal places.)

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Charles and Joan Thompson file a joint return which helps themin paying lesser tax than they would have paid individuallyThe 2018 Income Tax Brackets for the US are    See Answer
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