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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 $ 1,310,000 2,115,000 2,715,000 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.) Installment Taxable Income Annualization Factor Annual Estimated Taxable Tax on estimated taxable Income Percentage of Tax Required To Be Paid Required Cumulative Prior Cumulative Required Estimated Tax Payment Payments Income Payment First quarter $ 1,310,000 Second quarter $ 3,425,000 Third quarter $ 6,140,000 Fourth quarter $ 388,888,888 2,400,000.0000000 933,333,331,200,000 5 $ 6,550,000 $ 25,000 $ 85,625,000,000 $ 54,000 $ 331,560,000,000 $ S 450,000 35 % $ 157,500 $ 35,000 $ 35,00 50,000 460,000 34 % $ 17,000 $ 27,000 $ 55,5 25 % $ 115,000 $ 45,500 $ 498,37 $ 18,000,000 45 % $ 8,100,000 $ 34,800 $5,555,99
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