Last year, JL Corporation\'s tax liability was $900,000. For the current year, J
ID: 2339984 • Letter: L
Question
Last year, JL Corporation's tax liability was $900,000. For the current year, JL Corporation reported the following taxable income at the end of its first, second, and third quarters Cumulative Taxable Quarter-End First Second Third Income $ 5e0,eee 1,25e,0ee 2,25e,eee What are JL's minimum required first, second, third, and fourth quarter estimated tax payments (ignore the actual current-year tax safe harbor)? (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.) Estimated Percentage of Tax Required Paid lax on Annual Est Prior Required Taxable Annualization Income Installment Taxable Income Factor Taxable Income Required to be Cumulative Cumulative Estimated Tax Payment Payments Payment First quarter Second quarter Third quarter Fourth quarter $ 500,000 S 500,000 $ 1,250,000 4 S 2,000,000 4 2,000,000 2 S 2,500,000 2,250,000 1.3333333 3,000,000 25| % | 501% 75%, 100| % | $ $ $Explanation / Answer
Installment
Taxable Income
Annualiz-ation factor
Annual est taxable Income
Tax on Estimated taxable Income
% of Tax required to be paid
Required Cumulative payment
Prior Cumulative Payments
Required estimated tax payment
First Qtr
500,000.0
4
2,000,000
700,000
25
175,000
0
175,000
Second Qtr
500,000.0
4
2,000,000
700,000
50
350,000
175,000
175,000
Third Qtr
1,250,000.0
2
2,500,000
875,000
75
656,250
350,000
306,250
Fourth Qtr
2,250,000.0
1.3333333
3,000,000
1,050,000
100
1,050,000
656,250
393,750
Installment
Taxable Income
Annualiz-ation factor
Annual est taxable Income
Tax on Estimated taxable Income
% of Tax required to be paid
Required Cumulative payment
Prior Cumulative Payments
Required estimated tax payment
First Qtr
500,000.0
4
2,000,000
700,000
25
175,000
0
175,000
Second Qtr
500,000.0
4
2,000,000
700,000
50
350,000
175,000
175,000
Third Qtr
1,250,000.0
2
2,500,000
875,000
75
656,250
350,000
306,250
Fourth Qtr
2,250,000.0
1.3333333
3,000,000
1,050,000
100
1,050,000
656,250
393,750
Related Questions
Navigate
Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.