Answered step by step
Verified Expert Solution
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
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
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started