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:
Secured
Pertaining to assets or loans that are protected by collateral to ensure repayment or mitigate risk.
Collateral
Assets or property pledged by a borrower to secure a loan or other credit, and subject to seizure on default.
Tender Offer
A proposal by an entity to purchase shares from shareholders of another company, usually at a premium to the market price.
Target's Shares
Equity stakes in the Target Corporation, a publicly traded company known for its retail operations.
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