If Estimated Tax Payments Equal or Exceed 100% of the Actual

question 8

True/False

If estimated tax payments equal or exceed 100% of the actual tax liability for the prior year,there is generally (assuming AGI less than or equal to $150,000)no penalty for underpayment of estimated taxes.

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Definitions:

Consistency

The quality of achieving a level of uniformity, reliability, or lack of variation in conduct or performance over a period of time.

Class Clown

A person, often in a school setting, who uses humor and antics to draw attention, sometimes disrupting class in the process.

Distinctiveness

Pertains to the quality of being distinguishable or markedly different from others.

Appropriateness

The quality of being suitable, fitting, or right for a specific context or circumstances.