For the current year, LNS corporation reported the following taxable income at the end of its...

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 $1,550,000

Second 2,560,000

Third 3,390,000

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.)

Instalment	Taxable income	Annulazation 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 quarter	1550000	4	6200000		25	%
Second quarter	1550000	4	6200000		50	%
Third Quarter	2560000	2	5120000		75	%
Fourth quarter	3390000	1.3333333	4520000		100	%

Please fill the blank columns?

Expert Solution

Installment	Taxable Income	Annualization Factor	Annual Est. Taxable Income	Tax on estimated taxable income @ 21%	Percentage of Tax Required To Be Paid	Required Cumulative Payment	Prior Cumulative Payments	Required Estimated Tax Payment
First quarter	15,50,000	4	62,00,000	13,02,000	25%	3,25,500	-	3,25,500
Second quarter	15,50,000	4	62,00,000	13,02,000	50%	6,51,000	3,25,500	3,25,500
Third quarter	25,60,000	2	51,20,000	10,75,200	75%	8,06,400	6,51,000	1,55,400
Fourth quarter	33,90,000	1.3333333	45,20,000	9,49,200	100%	9,49,200	8,06,400	1,42,800

ekkarill92 answered 2 years ago

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