For the current year, LNS corporation reported the following taxable income at the end of its first, second, and third quarters. Quarter-End First Second Third Installment What are LNS's minimum first, second, third, and fourth quarter estimated tax payments determined using the annualized income method? (Enter all amounts as positive values. Leave no answer blank. Enter zero if applicable. Round "Annualization Factor" for Fourth quarter to 7 places. Round other intermediate computations and final answers to the nearest whole dollar amount.) Cumulative Taxable Income $1,000,000 1,600,000 2,400,000 First quarter Second quarter Third quarter Fourth quarter Taxable Income $ 1,000,000 $ 1,000,000 1,600,000 $ 2,400,000 $ Annual Est. Taxable Income 4 $4,000,000 Annualization Factor Answer is complete but not entirely correct. Tax on Estimated Taxable Income 4 2 $4,000,000 $3,200,000 1.3300000 $3,192,000 $ 1,360,000 1,360,000 1,088,000 1,088,000 Percentage of Tax Required to be Paid Required Estimated Required Cumulative Payment Tax Payment 0$ 340,000 $ 340,000 $ 340,000 $ 340.000 680,000 816,000 $ 680,000 $ 136,000 272,000 25 % 50 % $ 75 % $ 100 % $ 1,088,000 Prior Cumulative Payments $ $ 816,000
For the current year, LNS corporation reported the following taxable income at the end of its first, second, and third quarters. Quarter-End First Second Third Installment What are LNS's minimum first, second, third, and fourth quarter estimated tax payments determined using the annualized income method? (Enter all amounts as positive values. Leave no answer blank. Enter zero if applicable. Round "Annualization Factor" for Fourth quarter to 7 places. Round other intermediate computations and final answers to the nearest whole dollar amount.) Cumulative Taxable Income $1,000,000 1,600,000 2,400,000 First quarter Second quarter Third quarter Fourth quarter Taxable Income $ 1,000,000 $ 1,000,000 1,600,000 $ 2,400,000 $ Annual Est. Taxable Income 4 $4,000,000 Annualization Factor Answer is complete but not entirely correct. Tax on Estimated Taxable Income 4 2 $4,000,000 $3,200,000 1.3300000 $3,192,000 $ 1,360,000 1,360,000 1,088,000 1,088,000 Percentage of Tax Required to be Paid Required Estimated Required Cumulative Payment Tax Payment 0$ 340,000 $ 340,000 $ 340,000 $ 340.000 680,000 816,000 $ 680,000 $ 136,000 272,000 25 % 50 % $ 75 % $ 100 % $ 1,088,000 Prior Cumulative Payments $ $ 816,000
SWFT Essntl Tax Individ/Bus Entities 2020
23rd Edition
ISBN:9780357391266
Author:Nellen
Publisher:Nellen
Chapter3: Taxes On The Financial Statements
Section: Chapter Questions
Problem 4BCRQ
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