For the current year, LNS corporation reported the following taxable income at the end of its first, second, and third quarters.Quarter-EndFirstSecondThirdInstallmentCumulativeTaxable Income$1,000,0001,600,0002,400,000What are LNS's minimum first, second, third, and fourth quarter estimated tax payments determined using the annualized incomemethod? (Enter all amounts as positive values. Leave no answer blank. Enter zero if applicable. Round "Annualization Factor" forFourth quarter to 7 places. Round other intermediate computations and final answers to the nearest whole dollar amount.)First quarterSecond quarterThird quarterFourth quarterTaxable AnnualizationIncomeFactor$1,000,0001,000,0001,600,0002,400,000AnnualEst.TaxableIncome$4,000,0004 $4,000,0002 $3,200,0001.3300000 $3,192,000Answer is complete but not entirely correct.Tax onEstimatedTaxableIncome4$1,360,0001,360,0001,088,0001,088,000$$XPercentage of TaxRequired to bePaid25 %50 %75 %100 %RequiredCumulativePayment$ 340,000680,000816,000$ 1,088,000$$RequiredEstimatedTaxPayment0$ 340,000PriorCumulativePayments$$ 340,000$ 680,000$ 816,000340,000 $340,000 X$ 136,000$ 272,000$x

Taxable income comprises all forms of remuneration, whether cash or services, as well as property.…

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 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.) Cumulative Taxable Income $1,000,000 1,600,000 2,400,000 First quarter Second quarter Third quarter Fourth quarter Taxable Income $ 1,000,000 $ 1,000,000 1,600,000 $ 2,400,000 $ Annual Est. Taxable Income 4 $4,000,000 Annualization Factor Answer is complete but not entirely correct. Tax on Estimated Taxable Income 4 2 $4,000,000 $3,200,000 1.3300000 $3,192,000 $ 1,360,000 1,360,000 1,088,000 1,088,000 Percentage of Tax Required to be Paid Required Estimated Required Cumulative Payment Tax Payment 0$ 340,000 $ 340,000 $ 340,000 $ 340.000 680,000 816,000 $ 680,000 $ 136,000 272,000 25 % 50 % $ 75 % $ 100 % $ 1,088,000 Prior Cumulative Payments $ $ 816,000

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 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.) Cumulative Taxable Income $1,000,000 1,600,000 2,400,000 First quarter Second quarter Third quarter Fourth quarter Taxable Income $ 1,000,000 $ 1,000,000 1,600,000 $ 2,400,000 $ Annual Est. Taxable Income 4 $4,000,000 Annualization Factor Answer is complete but not entirely correct. Tax on Estimated Taxable Income 4 2 $4,000,000 $3,200,000 1.3300000 $3,192,000 $ 1,360,000 1,360,000 1,088,000 1,088,000 Percentage of Tax Required to be Paid Required Estimated Required Cumulative Payment Tax Payment 0$ 340,000 $ 340,000 $ 340,000 $ 340.000 680,000 816,000 $ 680,000 $ 136,000 272,000 25 % 50 % $ 75 % $ 100 % $ 1,088,000 Prior Cumulative Payments $ $ 816,000

SWFT Essntl Tax Individ/Bus Entities 2020

23rd Edition

ISBN:9780357391266

Author:Nellen

Publisher:Nellen

Chapter3: Taxes On The Financial Statements

Section: Chapter Questions

Problem 4BCRQ

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