Mickey, a Calendar Year Taxpayer, Was Not Required to File

question 33

Multiple Choice

Mickey, a calendar year taxpayer, was not required to file a Federal income tax return last year because his AGI was very low. For this tax year, his AGI is $120,000 and his tax liability is $10,000. To avoid a penalty for tax underpayments for the current year, Mickey must make aggregate estimated tax payments of at least:

• A) $10,000.
• B) $9,000.
• C) $1,000 (minimum amount).
• D) $0.

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Definitions:

Tells

Behaviors or signs inadvertently shown by individuals, revealing their thoughts, feelings, or intentions, often used in the context of poker or psychology to detect deception.

Systems Dynamics

An approach to understanding the nonlinear behavior of complex systems over time using stocks, flows, internal feedback loops, and time delays.

Identifying

The process of recognizing or establishing the identity of something or someone.

Anticipating

The ability to predict or prepare for future events or needs in a proactive rather than reactive manner.