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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 Cumulative Taxable Income $ 1,700,000 2,636,000 3,681,000 Quarter-End First Second Third What are LNS's minimum first-, second-, third-, and fourth-quarter estimated tax payments, using the annualized income method? Note: 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 First quarter Second quarter Third quarter Fourth quarter Taxable Income $ 1,700,000 $ 1,700,000 > > > > $ 2,636,000 $ 3,681,000 Annualization Factor Annual Estimated Taxable Income 4 $ 4 $ 6,800,000 6,800,000 2 $ 5,272,000 1.3333333✔✔S 4,908,000 Answer is not complete. Tax on estimated taxable income $ 6,800,000 X $ 6,800,000 X $ 5,272,000 X $ 4,895,730 X Percentage of Tax Required To Be Paid 25 % 50 % 75 % 100 % Required Cumulative Payment Prior Cumulative Payments $ 1,700,000 $ 0 $ 3,400,000 $ 1,700,000 $ 3,954,000 $ 3,954,000 $ 4,895,7304,895,730 Required Estimated Tax Payment $1,700,000 X $1,700,000 x

For the current year, LNS corporation reported the following taxable income at the end of its first, second, and third quarters Cumulative Taxable Income $ 1,700,000 2,636,000 3,681,000 Quarter-End First Second Third What are LNS's minimum first-, second-, third-, and fourth-quarter estimated tax payments, using the annualized income method? Note: 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 First quarter Second quarter Third quarter Fourth quarter Taxable Income $ 1,700,000 $ 1,700,000 > > > > $ 2,636,000 $ 3,681,000 Annualization Factor Annual Estimated Taxable Income 4 $ 4 $ 6,800,000 6,800,000 2 $ 5,272,000 1.3333333✔✔S 4,908,000 Answer is not complete. Tax on estimated taxable income $ 6,800,000 X $ 6,800,000 X $ 5,272,000 X $ 4,895,730 X Percentage of Tax Required To Be Paid 25 % 50 % 75 % 100 % Required Cumulative Payment Prior Cumulative Payments $ 1,700,000 $ 0 $ 3,400,000 $ 1,700,000 $ 3,954,000 $ 3,954,000 $ 4,895,7304,895,730 Required Estimated Tax Payment $1,700,000 X $1,700,000 x

SWFT Comprehensive Vol 2020
SWFT Comprehensive Vol 2020
43rd Edition
ISBN:9780357391723
Author:Maloney
Publisher:Maloney
Chapter26: Tax Practice And Ethics
Section: Chapter Questions
Problem 32P
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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 Third Installment What are LNS's minimum first-, second-, third-, and fourth-quarter estimated tax payments, using the annualized income method? Note: 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. First quarter Second quarter Third quarter Fourth Cumulative quarter Taxable Income $ 1,700,000 2,636,000 3,681,000 Taxable Income $ 1,700,000 $ 1,700,000 $ 2,636,000 $ 3,681,000 Annualization Factor 4 $ 4 $ 2 S $ 1.3333333 Annual Estimated Taxable Income 6,800,000 6,800,000 5,272,000 4,908,000 Answer is not complete. Tax on estimated taxable income $ 6,800,000 $ 6,800,000 $5,272,000 $ 4,895,730 Percentage of Tax Required To Be Paid 25 50 75 100 %0 % 9 196 Required Cumulative Payment $ 1,700,000 $ 3,400,000 $ 3,954,000 $ 4,895,730 Prior Cumulative Payments S $ 1,700,000 $ 3,954,000 4,895,730 0 Required Estimated Tax Payment $ 1,700,000 $ 1,700,000
Transcribed Image Text: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 Installment What are LNS's minimum first-, second-, third-, and fourth-quarter estimated tax payments, using the annualized income method? Note: 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. First quarter Second quarter Third quarter Fourth Cumulative quarter Taxable Income $ 1,700,000 2,636,000 3,681,000 Taxable Income $ 1,700,000 $ 1,700,000 $ 2,636,000 $ 3,681,000 Annualization Factor 4 $ 4 $ 2 S $ 1.3333333 Annual Estimated Taxable Income 6,800,000 6,800,000 5,272,000 4,908,000 Answer is not complete. Tax on estimated taxable income $ 6,800,000 $ 6,800,000 $5,272,000 $ 4,895,730 Percentage of Tax Required To Be Paid 25 50 75 100 %0 % 9 196 Required Cumulative Payment $ 1,700,000 $ 3,400,000 $ 3,954,000 $ 4,895,730 Prior Cumulative Payments S $ 1,700,000 $ 3,954,000 4,895,730 0 Required Estimated Tax Payment $ 1,700,000 $ 1,700,000
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