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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
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 $1,690,000 2,540,000 3,540,000 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.) X Answer is not complete. Installment Taxable Income Annualization Factor Annual Est. Taxable Income Tax on estimated taxable income $ 1,419,600 Percentage of Tax Required To Be Paid Required Cumulative Payment $ 1,690,000 $ 6,760,000 25 % $ 354,900 Prior Required Estimated Cumulative Tax Payments Payment $ $ 354,900 $ 354,900 $ 354,900 $ 709,800 $ 90,300 $ 800,100 $ 1,690,000 4 $ 6,760,000 $ 1,419,600 50% $ First quarter Second quarter Third quarter Fourth quarter 709,800 $ 1,066,800 $ 2,540,000 $ 3,540,000 2$ $ 5,080,000 0 75% 100% $ $ 800,100 0
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