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
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
Problem 1PS
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Question
am. 60.
Transcribed Image Text: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
S 1,440,000
$ 1,440,000
$ 2,365,000
S
3,630,000
Annualization
Factor
Annual Estimated
Taxable
Income
$
4 $
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
25 %
50 %
75 %
100%
Required
Cumulative
Payment
$
$
$
$
0
0
0
0
Prior
Required
Cumulative Estimated Tax
Payment
Payments
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