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. Cumulative Quarter-End Taxable Income

image text in transcribed

For the current year, LNS corporation reported the following taxable income at the end of its first, second, and third quarters. Cumulative Quarter-End Taxable Income First $1,950,000 Second 2,920,000 Third 4,200,000 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 Est. Taxable Income Tax on estimated taxable income Percentage of Tax Required To Be Paid Required Cumulative Payment Prior Cumulative Payments Required Estimated Tax Payment 4 $ 25 $ $ 4 $ First quarter Second quarter Third quarter Fourth quarter $ $ $ $ 1,950,000 1,950,000 2,920,000 4,200,0001 7,800,000 7,800,000 5,840,000 5,600,000 50% 75% 0 0 0 $ $ 2 1.3333333 $ 100% $ 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

Managerial Accounting Tools For Business Decision Making

Authors: Jerry J. Weygandt, Paul D. Kimmel, Ibrahim M. Aly, Donald E. Kieso

6th Canadian Edition

1119731828, 9781119731825

More Books

Students also viewed these Accounting questions

Question

How does or how might the key public affect your organization?

Answered: 1 week ago