Finbury Corporation's taxable income for the year ended December 31, 2014, was $2,000,000 on which its tax liability was $680,000. In order for Finbury to escape the estimated tax underpayment penalty for the year ending December 31, 2015, Finbury's 2015 estimated tax payments must equal at least
a. 90% of the 2015 tax liability.
b. 93% of the 2015 tax liability.
c. 100% of the 2015 tax liability.
d. The 2014 tax liability of $680,000
Answer: C
Tax
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