XYZ made four equal estimated tax payments totaling $400,000 ($100,000 per quarter). For purposes of estimated tax liabilities, assume XYZ was in existence in 2022 and that in 2022 it reported a tax liability of $556,000. During 2023, XYZ determined its taxable income at the end of each of the first three quarters as follows: Quarter-end First Second Third Cumulative taxable income (loss) $440,000 $ 1,140,000 $ 1,575,000 Finally, assume that XYZ is not a large corporation for purposes of estimated tax calculations. Note: Do not round intermediate calculations. Round your answers to the nearest dollar amount. e. Determine the quarters for which XYZ is subject to underpayment of estimated tax penalties.

XYZ made four equal estimated tax payments totaling $400,000 ($100,000 per quarter). For purposes of estimated tax liabilities, assume XYZ was in existence in 2022 and that in 2022 it reported a tax liability of $556,000. During 2023, XYZ determined its taxable income at the end of each of the first three quarters as follows: Quarter-end First Second Third Cumulative taxable income (loss) $440,000 $ 1,140,000 $ 1,575,000 Finally, assume that XYZ is not a large corporation for purposes of estimated tax calculations. Note: Do not round intermediate calculations. Round your answers to the nearest dollar amount. e. Determine the quarters for which XYZ is subject to underpayment of estimated tax penalties.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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