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Strategies & Market Trends : Income Taxes and Record Keeping ( tax )
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To: Zeuspaul who wrote ()12/8/1998 1:16:00 PM
From: MRE   of 5810
 
To avoid underpayment of tax the amount of tax that must be paid quarterly or withheld by the end of the year is the lesser of 90% current year tax liability or 100% of prior year liability. IRC 6654(d)(B)

With very little tax liability last year, can new college graduates who start well-paying jobs early in '99 claim many allowances to have a low withholding that will withhold a total amount that just exceeds the amount of tax liability last year? And then not pay the rest until April 15? Am I missing something?
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