If a Taxpayer's AGI Is Greater Than $150,000,no Penalty Will

question 40

Multiple Choice

If a taxpayer's AGI is greater than $150,000,no penalty will be imposed if the taxpayer pays estimated tax payments in 2017 equal to what percentage of 2016's income tax liability?

• A)100%
• B)90%
• C)110%
• D)120%

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Definitions:

Agency

A relationship where one party (the agent) is authorized to act on behalf of another (the principal) in legal or business matters.

Third Parties

Entities not primarily involved in a transaction or legal contract but who may be affected by it or have interests in its outcome.

Law Of Agency

A legal doctrine concerning the relationship between the agent and the principal, where the agent is authorized to act on behalf of the principal.

Quasi-Contract

A legal concept where the courts impose contractual obligations on parties not in an actual contract to prevent unjust enrichment.