19Problem 16-59 (LO 16-3) (Algo)5.32pointseBookHintFor the current year, LNS corporation reported the following taxable income at the end of its first, second, and third quarters.Quarter-EndFirstSecondThirdCumulativeTaxable Income$ 1,600,0002,470,0003,465,000What 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" forFourth quarter to 7 places. Round other intermediate computations and final answers to the nearest whole dollar amount.PrintAnnual EstimatedInstallmentTaxable IncomeAnnualizationFactorTax onestimatedTaxabletaxableIncomeTo Be PaidincomePercentage of RequiredTax Required CumulativePaymentPriorCumulativePaymentsRequiredEstimated TaxPaymentReferencesFirst quarterSecond quarterThird quarter$0%$0$0% $0$0% $0Fourth quarter$0% $0

A step-by-step explanation of the calculations: First Quarter:Taxable Income:…

Answered: 19 Problem 16-59 (LO 16-3) (Algo) 5.32…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Status Single DATA TABLE Total Tax Payments $ 8,342 Taxable Income $ 55,060.00 20,000 30,000 Total Tax $ 7,972 40,000 Refund Amount Amount Owed Create a one-way data table that will show the Total Tax (cell C7) for the three values of Taxable Income shown in cells F5 to F7. Answer these questions about the process of creating the data table. Before creating the table, what formulas must be put into the cells around the table? What must be entered in cell F4 before selecting Data Table from What-If Analysis?
Tlme remalning 01:52:13 Accounting Entries for Payroll and Payroll Taxes The following information about the payroll for the week ended December 30 was obtained from the records of Boltz Co.: Salaries: Deductions: Sales salaries $211,000 Income tax withheld U.S. savings bonds $76,560 Warehouse salaries Office salaries 108,000 116,000 9,570 Group insurance 7,830 $435,000 Tax rates assumed: Social security, 6% Medicare, 1.5% State unemployment (employer only), 5.4% Federal unemployment (employer only), 0.8% Required: If an amount box does not require an entry, leave it blank. 1a. Assuming that the payroll for the last week of the year is to be paid on December 31, journalize the entry on December 30 to record the payroll. 1b. Assuming that the payroll for the last week of the year is to be paid on December 31, journalize the entry on December 30 to record the employer's payroll taxes on the payroll to be paid on December 31. Of the total payroll for the last week of the year, $22,000 is…
Compute HC Inc's current-year taxable income given the following information relating to its 2020 activities. Also, compute HC's Schedule M-1 assuming that HC's federal income tax expense for book purposes is $30,000. Use Exhibit 16-6, • Gross profit from inventory sales of $310,000 (no book-tax differences). • Dividends HC received from 28 percent-owned corporation of $120,000 (this is also HC's pro rata share of the corporation's earnings). Expenses other than DRD, charitable contribution (CC), and net operating loss (NOL) are $300,000 (no book-tax differences). • NOL carryover from prior year of $12,000. • Cash charitable contribution of $50,000. Complete this question by entering your answers in the tabs below. Req 1 Req 2 Compute HC's Schedule M-1 assuming that HC's federal income tax expense for book purposes is $30,000. (Enter all values as positive numbers.) Schedule M-1: Reconcillation of Income (Loss) per Books With Income per Return 1. Net income (loss) per books 2. Federal…
5 eBook Hint Print References Suppose that in addition to $10.15 million of taxable income, Texas Taco, Incorporated, received $1,800,000 of interest on state-issued bonds and $320,000 of dividends on common stock it owns in Arizona Taco, Incorporated. (Use corporate tax rate of 21 percent for your calculations.) a. Calculate Texas Taco's income tax liability. Note: Enter your answer in dollars not in millions. Income tax liability b. What are Texas Taco's average and marginal tax rates on taxable income? Note: Round your answers to 2 decimal places. Average tax rate Marginal tax rate Check my work % %
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Calculate Earning before interest Tax
Question text The totals from the first payroll of the year are shown below. Total Earnings FICA OASDI FICA HI FIT W/H State Tax Union Dues Net Pay $36,195.10 $2,244.10 $524.83 $6,515.00 $361.95 $500.00 $26,049.22 Journalize the entry to deposit the FICA and FIT taxes.
Status Single DATA TABLE Total Tax Payments $ 8,342 Taxable Income $ 55,060.00 20,000 30,000 Total Tax $ 7,972 40,000 Refund Amount Amount Owed Use Goal Seek to find the Taxable Income (C5) that results in the Total Tax (C7) shown. Answer to the nearest 0.01. Do not include any punctuation ($ or ,) in your answer! Example of accepted answer: 12345.67Examples of incorrect answers: $12,345.67, 12,345.67, $12345.67 Taxable Income Total Tax Answer $2,600 Answer $4,200 Answer $8,500 Answer $10,500 Answer $22,000 Be sure to answer to the neared 0.01.
Required information Problem 16-8 Multiple differences; taxable income given; two years; balance sheet classification; change in tax rate [LO16-4, 16-6, 16-8] [The following information applies to the questions displayed below.] Arndt, Inc., reported the following for 2018 and 2019 ($ in millions): 2018 2019 Revenues $ 995 $1,073 Expenses Pretax accounting income (income statement) Taxable income (tax return) 800 840 $ 195 $ 195 233 $ 245 Tax rate: 40% a. Expenses each year include $30 million from a two-year casualty insurance policy purchased in 2018 for $60 million. The cost is tax deductible in 2018. b. Expenses include $2 million insurance premiums each year for life insurance on key executives. c. Arndt sells one-year subscriptions to a weekly journal. Subscription sales collected and taxable in 2018 and 2019 were $39 million and $57 million, respectively. Subscriptions included in 2018 and 2019 financial reporting revenues were $36 million ($14 million collected in 2017 but not…
PAGE 11 ACCOUNTING FOUATION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY Widmer Company had gross wages of $200,000 during the week ended June 17. The amount of wages subject to social security tax was $200,000, while the amount of wages subject to federal and state unemployment taxes was $30,000. Tax rates are as follows: General Journal a. Journalize the entry to record the payroll for the week of June 17. b. Journalize the entry to record the payroll tax expense incurred for the week of June 17. Social security 6.0% Medicare 1.5% State unemployment 5.4% Federal unemployment 0.8% The total amount withheld from employee wages for federal taxes was $40,500. General Journal Instructions Required: a. Journalize the entry to record the payroll for the week of June 17. b. Journalize the entry to record the payroll tax expense incurred for the week of June 17 1 2 4 DATE DESCRIPTION 5 9 7 B 9 10 JOURNAL
#14 Objective G-1-2 continued. 14. In prior years, the taxpayer's adjusted AMT and minimum tax credit were as follows: Minimum Tax Credit Year 2014. 2015. 2016. 2017. Adjusted AMT $25,000 $15,000 $10,000 $12,000 The taxpayer's minimum tax credit for 2018 (before any limitation) is: 14. o a $52,000 Ob $42,000 OC. $27,000 od. $17,000

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