Compute the problem below and file a quarterly income tax return using 1702Q and annual income...

Compute the problem below and file a quarterly income tax return using 1702Q and annual income tax return 1702-EX.

Bless Corporation, a domestic corporation, is into buy and sell business. The following results of operations appear in its records for the quarter ending December 31, 2019:

Gross sales for the 1st quarter 350,000
Cost of sales for the 1st quarter 133,000
Total deductions claimed for the 1st quarter 126,000
Gross sales for the 2nd quarter 210,000
Cost of sales for the 2nd quarter 80,500
Total deductions claimed for the 2nd quarter 84,000
Gross sales for the 3rd quarter 550,000
Cost of sales for the 3rd quarter 350,000
Total deductions for the 3rd quarter 50,000
Gross Sales for the 4rth quarter 730,000
Cost of sales for the 4rth quarter 430,000
Total deductions for the 4rth quarter 120,000

The company has a creditable tax withheld of 15,950.
Required:
How much is the total taxable income to date?
How much is the tax payable for the 1st quarter?
How much is the tax payable for the 2nd quarter?
How much is the tax payable for 3rd quarter?
How much is the annual income tax payable for year 2019?

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Expert Solution

ekkarill92 answered 1 year ago

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