Bert Logan's daughter Amanda is an accounting student. After a brief review of Bert's previous tax returns she advised him that he would likely have to begin making income tax instalments for 2022; however, she was uncertain about how these instalments were to be calculated and the consequences of making inadequate instalments. Amanda called one of the tax specialists at her employer firm, First and Partners, for assistance. Amanda provided the following information: (a) 2020 actual tax liability was $8,750; (b) 2021 actual tax liability was $7,640; and (c) 2022 estimated tax liability is $5,520. You have been asked to write a memo, in point form, for partner review explaining the options available to calculate instalment payments for Bert Logan and the consequences if incorrect instalments are made