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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 Cumulative Taxable Income
For the current year, LNS corporation reported the following taxable income at the end of its first, second, and third quarters.
Quarter-End | Cumulative Taxable Income | |
First | $ | 1,000,000 |
Second | 1,600,000 | |
Third | 2,400,000 | |
|
What are LNSs minimum first, second, third, and fourth quarter estimated tax payments determined 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 | |
First quarter | $1,000,000selected answer correct | 4selected answer correct | $4,000,000 | $1,360,000selected answer incorrect | 25selected answer correct | % | $340,000 | $0selected answer correct | $340,000selected answer incorrect |
Second quarter | $1,000,000selected answer correct | 4selected answer correct | $4,000,000 | $1,360,000selected answer incorrect | 50selected answer correct | % | $680,000 | $340,000selected answer incorrect | $340,000selected answer incorrect |
Third quarter | $1,600,000selected answer correct | 2selected answer correct | $3,200,000 | $1,088,000selected answer incorrect | 75selected answer correct | % | $816,000 | $680,000selected answer incorrect | $136,000selected answer incorrect |
Fourth quarter | $2,400,000selected answer correct | 1.3333333selected answer correct | $3,200,000 | $1,088,000selected answer incorrect | 100selected answer correct | % | $1,088,000 | $816,000selected answer incorrect | $272,000 |
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