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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. What are LNSs minimum
For the current year, LNS corporation reported the following taxable income at the end of its first, second, and third quarters.
What are LNSs minimum first, second, third, and fourth quarter estimated tax payments, using the annualized income method? ( Enter all amount 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.)
Quarter-End First Second Third Cumulative Taxable Income $ 1,660,000 2,515,000 3,255,000 Percentage of Tax Required To Be Paid Required Cumulative Payment 25% Annual Tax on Taxable Annualization Estimated Installment estimated Income Factor Taxable taxable Income income First quarter $ 1,660,000 4 $ 6,640,000 $ 2.257,600 Second $ 1,660,000 4 $ quarter 6,640,000 $ 2.257,600 Third quarter $ 2,515,000 2$ 5,030,000 $ 1,710,200 Fourth $ 3,255,000 1.3333333 Quarter 4,340,000 $ 1,475,600 "Red text indicates no response was expected aceloram-based calvos incorrecte deducted Prior Required Estimated Cumulative Tax Payments Payment $ 0 $ 564,400 $ 564,400 $ 564,400 $ 1,128 800 X $ 153,850 $ 1,282,650 $ 192,950 $ 564,400 $ 1,128 800 $ 1282 650 $ 1,475,600 50% 75 % 100%
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