Which of the following statements is false?

1. Schedule M-1 of a corporate tax return is used to reconcile net income as computed for financial accounting purposes with taxable income reported on the corporations tax return per tax rules (i.e. Schedule M-1 shows most book-tax differences)
2. A corporation must generally make estimated tax payments for the year if tax liability for the year is expected to be $500 or more for the year.
3. A corporation that does not pay the required estimated tax payments in full and on time during the year is subject to a nondeductible penalty on the amounts by which the installment payments are less than the tax payment due for each installment.
4. A personal service corporation with a taxable income of $100,000 for the year will have a tax liability of $22,250.
5. None of the statements are false.