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 $ 1,850,000 Second 2,520,000 Third 3,600,000 What are LNS’s minimum first, second, third, and fourth quarter estimated tax payments, using the annualized income method?

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 $ 1,850,000 Second 2,520,000 Third 3,600,000 What are LNS’s minimum first, second, third, and fourth quarter estimated tax payments, using the annualized income method?

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter18: Accounting For Income Taxes

Section: Chapter Questions

Problem 18E

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Quarter-End	Cumulative Taxable Income
First	$ 1,850,000
Second	2,520,000
Third	3,600,000

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