Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

ar LNS corporation reported the following taxable income at the end of its first second and third quarters Cumulative Taxable Income $ 1,000,000 1,600,000 2,400,000

image text in transcribed
ar LNS corporation reported the following taxable income at the end of its first second and third quarters Cumulative Taxable Income $ 1,000,000 1,600,000 2,400,000 nimum first, second third, and fourth quarter estimated tax payments, using the annualized income method? (Ente sitive values. Leave no answer blank. Enter zero if applicable. Round "Annualization Factor" for Fourth quarter t ther intermediate computations and final answers to the nearest whole dollar amount.) Taxable Income Annualization Factor Answer is complete but not entirely correct. Annual Tax on Estimated Estimated Percentage of Required Taxable Taxable Tax Required to Cumulative Income Income he Paid Payment $ 4,000,000 4,000,000 25 % $ 1.000.000 $4,000,000 $ 4,000,000 50 % $ 2.000.000 3,200,000 15 3,200,000 75 % $ 2.400 000 Prior Cumulativ Payments S $1,000,000 $ 1.000.000 $ 1.600.000 $ 340 000 IS 680 000 816,000

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Internal Auditing An Integrated Approach

Authors: Richard Cascarino

1st Edition

0702166693, 978-0702166693

More Books

Students also viewed these Accounting questions