For the current year, LNS corporation reported the following taxable income at the end of its first, second, and third quarters Cumulative Taxable Income $ 1,700,000 2,636,000 3,681,000 Quarter-End First Second Third What are LNS's minimum first-, second-, third-, and fourth-quarter estimated tax payments, using the annualized income method? Note: 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. Installment First quarter Second quarter Third quarter Fourth quarter Taxable Income $ 1,700,000 $ 1,700,000 > > > > $ 2,636,000 $ 3,681,000 Annualization Factor Annual Estimated Taxable Income 4 $ 4 $ 6,800,000 6,800,000 2 $ 5,272,000 1.3333333✔✔S 4,908,000 Answer is not complete. Tax on estimated taxable income $ 6,800,000 X $ 6,800,000 X $ 5,272,000 X $ 4,895,730 X Percentage of Tax Required To Be Paid 25 % 50 % 75 % 100 % Required Cumulative Payment Prior Cumulative Payments $ 1,700,000 $ 0 $ 3,400,000 $ 1,700,000 $ 3,954,000 $ 3,954,000 $ 4,895,7304,895,730 Required Estimated Tax Payment $1,700,000 X $1,700,000 x
For the current year, LNS corporation reported the following taxable income at the end of its first, second, and third quarters Cumulative Taxable Income $ 1,700,000 2,636,000 3,681,000 Quarter-End First Second Third What are LNS's minimum first-, second-, third-, and fourth-quarter estimated tax payments, using the annualized income method? Note: 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. Installment First quarter Second quarter Third quarter Fourth quarter Taxable Income $ 1,700,000 $ 1,700,000 > > > > $ 2,636,000 $ 3,681,000 Annualization Factor Annual Estimated Taxable Income 4 $ 4 $ 6,800,000 6,800,000 2 $ 5,272,000 1.3333333✔✔S 4,908,000 Answer is not complete. Tax on estimated taxable income $ 6,800,000 X $ 6,800,000 X $ 5,272,000 X $ 4,895,730 X Percentage of Tax Required To Be Paid 25 % 50 % 75 % 100 % Required Cumulative Payment Prior Cumulative Payments $ 1,700,000 $ 0 $ 3,400,000 $ 1,700,000 $ 3,954,000 $ 3,954,000 $ 4,895,7304,895,730 Required Estimated Tax Payment $1,700,000 X $1,700,000 x
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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