LNS corporation reported the following taxable income at the end of its first, s

Question

LNS corporation reported the following taxable income at the end of its first, second, and third quarters (Use Corporate Tax Rate Table) Taxable Income First Second Third S 1,660,000 2.515,000 3,255,000 What are LNS's minimum first, second, third, and fourth quarter estimated tax payments determined using the annualized income method? answer blank. Enter zero if applicable. Round "Annualization Factor" for Fourth quarter to 7 places. Round other intermediate computations and final ans whole dollar amount.) (Enter all amounts as positiv of Required Taxable estimated Percentage Income Installment Taxable Annualization Annual Est. Tax on Prior Required taxable Tax Required Cumulative Cumulative Estimated Tax income To Be Paid Income Factor Payment Payments Payment First quarter Second quarter Third quarter Fourth quarter

Explanation / Answer

SOLUTION

Annual estimated taxable income

Installment Taxable income ($) (1) Annualization Factor (2) Annual Estimated taxable income (1) * (2) 1st quarter 1,660,000 12/3 = 4 6,640,000 2nd quarter 1,660,000 12/3 = 4 6,640,000 3rd quarter 2,515,000 12/6 = 2 5,030,000 4th quarter 3,255,000 12/9 = 1.3333 4,339,900

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