Your Client Wants to Avoid Any Penalty for Underpayment of Estimated

question 36

Multiple Choice

Your client wants to avoid any penalty for underpayment of estimated taxes by making timely deposits.Determine the amount of the minimum quarterly estimated tax payments required to avoid the penalty.Assume your client's adjusted gross income last year was $140,000.

• A)$7,650
• B)$7,750
• C)$8,750
• D)$11,000

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Definitions:

Constitutional guarantee

A commitment within a country's constitution that ensures certain rights and freedoms to its citizens.

Equal Protection clause

A provision in the Fourteenth Amendment of the U.S. Constitution that requires state governments to treat individuals in similar situations equally.

Diversity

The inclusion of individuals from a variety of backgrounds, perspectives, and abilities in a group or organization.

Quotas

Preset limits or targets for a specific measurement, such as production, immigration, or tariffs, within a given timeframe.