Minnie, a Calendar Year Taxpayer, Filed a Return Correctly Showing

question 30

Multiple Choice

Minnie, a calendar year taxpayer, filed a return correctly showing a zero Federal income tax liability for last year because her Form 1040 showed various deductions and credits. For this tax year, Minnie's AGI is $120,000, and her tax liability is $20,000. To avoid a penalty for the current year, Minnie must make aggregate estimated tax payments of at least:

• A) $20,000.
• B) $18,000.
• C) $1,000 (minimum amount).
• D) $0.

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Definitions:

Sales Data

Information that represents the quantity sold and revenues generated from goods or services over a certain period of time.

Vertical Analysis

A financial analysis method that lists each account on the financial statements as a percentage of a base number.

Gross Profit Margin

A financial metric that measures the difference between revenue and cost of goods sold (COGS), expressed as a percentage of revenue.

Horizontal Analysis

A financial analysis technique that compares historical financial information over a series of reporting periods.