Complete the statements below that outline when C corporations are required to make estimated tax payments and how the payments are calculated. Assume the preceding year was a 12-month tax year, the return filed showed a tax liability, and the corporation is not a large corporation. Estimated tax payments are required if the corporation's tax liability is expected to be: or more. The required annual payment is the of (1) \% of the corporation's tax for the current year or (2) of the corporation's tax for the preceding year. Estimated tax payments, if required, are made