For the current year, LNS corporation reported the following taxable income at the end of its first, second, and third quarters. Cumulative Taxable Income $1,440,000 2,365,000 3,630,000 Quarter-End First Second Third What are LNS's minimum first, second, third, and fourth quarter estimated tax payments, using the annualized income method? (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 $ 1,440,000 S 1,440,000 S 2,365,000 S 3,630,000 Annualization Factor Annual Estimated Taxable Income 4 $ 4 S 2 $ 1.3333333 $ 5,760,000 5,760,000 4,730,000 4,840,000 Tax on estimated taxable income Percentage of Tax Required To Be Paid Required Cumulative Payment 25 % 50 % $ 75 % $ 100% S $ 0 0 0 0 Prior Required Cumulative Estimated Taxi Payments Payment
For the current year, LNS corporation reported the following taxable income at the end of its first, second, and third quarters. Cumulative Taxable Income $1,440,000 2,365,000 3,630,000 Quarter-End First Second Third What are LNS's minimum first, second, third, and fourth quarter estimated tax payments, using the annualized income method? (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 $ 1,440,000 S 1,440,000 S 2,365,000 S 3,630,000 Annualization Factor Annual Estimated Taxable Income 4 $ 4 S 2 $ 1.3333333 $ 5,760,000 5,760,000 4,730,000 4,840,000 Tax on estimated taxable income Percentage of Tax Required To Be Paid Required Cumulative Payment 25 % 50 % $ 75 % $ 100% S $ 0 0 0 0 Prior Required Cumulative Estimated Taxi Payments Payment
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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