Omnidata Uses the Annualized Income Method to Determine Its Quarterly

question 53

Multiple Choice

Omnidata uses the annualized income method to determine its quarterly federal income tax payments.It had $100,000, $50,000, and $90,000 of taxable income for the first, second, and third quarters, respectively ($240,000 in total through the first three quarters) .What is Omnidata's annual estimated taxable income for the tax year as of the end of the third quarter?

• A)$300,000.
• B)$320,000.
• C)$400,000.
• D)$480,000.

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Definitions:

Market Demand

The total demand for a product or service across all consumers in a market at a given price level and time.

Equilibrium Level

A condition in which the supply and demand in the market are equal, leading to stable prices.

Deadweight Loss

Deadweight loss is the loss of economic efficiency that occurs when the equilibrium outcome is not achievable or not achieved in a market.

Price Floor

A minimum price set by the government for certain goods and services, below which they cannot be sold, aimed at protecting producers.