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11-13 Filing Requirements and Estimated Tax (LO 11.5) Cosplay Costumes Corporation (CCC) is an October 31 year-end taxpayer. CCC's prior year tax liability was $42,000.
11-13 Filing Requirements and Estimated Tax (LO 11.5) Cosplay Costumes Corporation (CCC) is an October 31 year-end taxpayer. CCC's prior year tax liability was $42,000. The current year tax liability is $44,000. CCC prepared estimated payments using the annualized income method of $43,000 (four equal payments of $10,750). Using this information, answer the following questions on the required payments necessary to avoid penalties associated with underpayment of estimated taxes. Question Content Area a. What are the month and day due dates of CCCs four estimated tax payments? Feedback Area Feedback Correct Question Content Area b. If CCC is not considered a large corporation, what is the smallest amount of tax that could have been paid for the year? fill in the blank 1 of 1$ Feedback Area Feedback Incorrect Question Content Area c. If CCC is a large corporation, what is the smallest amount of tax that could have been paid for the year? fill in the blank 1 of 1$ Feedback Area Feedback Correct Question Content Area d. If CCC is a large corporation, what is the smallest amount of tax that could have been paid only for the first quarter? fill in the blank 1 of 1$
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