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:
Regulated
Controlled or governed by rules, typically in the context of industries or practices subject to oversight by government agencies.
Initial Margin
The minimum amount of equity that must be provided by an investor as part of the terms of a futures contract or other marginable securities.
Futures Contract
A standardized legal agreement to buy or sell something at a predetermined price at a specified time in the future.
Total Value
The comprehensive worth of an asset or company, considering all sources of value including tangible and intangible factors.
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