Beth and Jay project the following taxes for the current year: 
How much in estimated tax payments (including withholding from wages and quarterly estimated payments)should the taxpayers pay this year in order to avoid underpayment penalties under the following assumptions regarding the preceding tax year?
a.Preceding tax year-AGI of $140,000 and total taxes of $36,000.
b.Preceding tax year-AGI of $155,000 and total taxes of $50,000.
Definitions:
Loanable Funds
The market where savers supply funds to borrowers, typically through financial intermediaries.
Quantity Supplied
The total amount of a specific good or service that producers are willing and able to sell at a given price, during a certain time period.
Pension Program
A financial arrangement designed to provide individuals with an income when they are no longer earning a regular income from employment.
Real Rate
The interest rate adjusted for inflation, reflecting the true cost of borrowing or the true return on investment.
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