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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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