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  3. 34. which of the following is an acceptable method

34. Which of the following is an acceptable method for calculating estimated tax requirements?* ...

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Accounting

34. Which of the following is an acceptable method for calculating estimated tax requirements?*

60% of current year tax liability

90% of prior year tax liability

110% of prior year tax liability

100% of prior year withholdings

35. Who would be exempt from estimated tax payments?*

A single filer with income of $15,000

A couple filing jointly with income of $100,000 from investments

A self-employed individual with $20,000 of self-employment earnings

A partner in a major law firm

36. Timothy works for 3 companies in 2022. Each pays Timothy $60,000 in wages. Which of the following is correct?*

Timothy is likely to have accurate federal income tax withholdings between the three jobs

Timothy will receive a credit on his tax return for excess Social Security withholdings

Timothy does not need to file an income tax return as his only income is wages

The employers will collaborate to insure correct social security withholdings

37. An employee's contribution to a Traditional 401k plan does what to the employee's withholding requirements?*

Reduces Social Security withholdings

Reduces Medicare withholdings

Reduces Federal income tax withholdings

Does not impact withholdings

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