This year, Paula and Simon (married filing jointly) estimate that their tax liability will be...
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Accounting
This year, Paula and Simon (married filing jointly) estimate that their tax liability will be $228,500. Last year, their total tax liability was $189,000. They estimate that their tax withholding from their employers will be $196,850.
By how much, if any, must Paula and Simon increase their withholding and/or estimated tax payments for the year to avoid underpayment penalties?
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