A Taxpayer with an AGI of $157,350 for 2015 Pays

question 66

Multiple Choice

A taxpayer with an AGI of $157,350 for 2015 pays estimated taxes. The taxpayer can avoid an underpayment penalty by paying:

• A) At least 90% of the 2015 tax liability ratably over four quarterly payments.
• B) At least 100% of the 2015 tax liability ratably over four quarterly payments.
• C) At least 100% of the 2014 tax liability ratably over four quarterly payments.
• D)At least 90% of the 2014 tax liability if 2014 adjusted gross income was less than $100,000, regardless of filing status.

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Definitions:

Human Capital

The improvement in labor created by education and knowledge that is embodied in the workforce.

College Degree

A certification awarded by colleges or universities to signify that a student has completed a specified course of study, typically representing a higher level of education and expertise.

Stock

In finance, stock represents ownership shares in a company, allowing investors to claim on the company's assets and earnings proportionate to the amount of stock they own.

Economy

A system of production, distribution, and consumption of goods and services among a group of people.