Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

For the current year, LNS corporation reported the following taxable income at the end of its first, second, and third quarters. Quarter-End First Second Third

For the current year, LNS corporation reported the following taxable income at the end of its first, second, and third quarters. Quarter-End First Second Third Cumulative Taxable Income $ 1,530,000 2,563,000 3,423,000 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.) Annual Estimated Answer is complete but not entirely correct. Tax on Required Installment Taxable Income Annualization Factor estimated Taxable taxable Percentage of Tax Required Required Cumulative To Be Paid Payment Prior Cumulative Payments Income income Estimated Tax Payment First quarter Second quarter $ 1,530,000 4 $ 6,120,000 $ 0 25% $ 0 $ 0 $ 0 $ 1,530,000 4 $ 6,120,000 $ 0 50 % $ 0 $ 0 $ 0 Third quarter Fourth quarter $ 2,563,000 2 $ 5,126,000 $ 0 75 % $ 0 $ 0 $ 0 $ 3,423,000 1.3333333 $ 4,564,000 $ 0 100 % $ 0 $ 0 $ 0

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

More Books

Students also viewed these Accounting questions