Jenkins Corporation had $675,000 of taxable income for 2018 and $575,000 for 2019. What is the minimum amount that it must submit for each estimated quarterly tax payment to avoid any penalty for underpayment?
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Jenkins Corporation had $675,000 of taxable income for 2018 and $575,000 for 2019. What is the minimum amount that it must submit for each estimated quarterly tax payment to avoid any penalty for underpayment?
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- How do the all events and economic performance requirements apply to the following transactions by an accrual basis taxpayer? a. The company guarantees its products for six months. At the end of 2019, customers had made valid claims for 600,000 that were not paid until 2020. Also, the company estimates that another 400,000 in claims from 2019 sales will be filed and paid in 2020. b. The accrual basis taxpayer reported 200,000 in corporate taxable income for 2019. The state income tax rate was 6%. The corporation paid 7,000 in estimated state income taxes in 2019 and paid 2,000 on 2018 state income taxes when it filed its 2018 state income tax return in March 2019. The company filed its 2019 state income tax return in March 2020 and paid the remaining 5,000 of its 2019 state income tax liability. c. An employee was involved in an accident while making a sales call. The company paid the injured victim 15,000 in 2019 and agreed to pay the victim 15,000 a year for the next nine years.Ironwood Corporation has ordinary taxable income of $65,000 in 2019, and a short-term capital loss of $15,000. What is the corporation's tax liability for 2019? $7,500 $5,250 $10,500 $13,650 None of the aboveJ-Matt, Inc., had pretax accounting income of $291,000 and taxable income of $300,000 in 2021. The only difference between accounting and taxable income is estimated product warranty costs of $9,000 for sales in 2021. Warranty payments are expected to be in equal amounts over the next three years (2022–2024) and will be tax deductible at that time. Recent tax legislation will change the tax rate from the current 25% to 20% in 2023. Determine the amounts necessary to record J-Matt’s income taxes for 2021 and prepare the appropriate journal entry.
- In 2021, the company accrued wages payable $68,000 and will make the payment in 2022. Taxable income for 2021 is $600,000, the enacted tax rate is 20% for all years, this is the only difference between pretax financial income and taxable income, and there were no deferred taxes at the beginning of 2021. What amount of income tax expense should the company report at the end of 2021?Four Square Services Corporation estimates that its 2021 taxable income will be $1,000,000. Thus, it incurs a $210,000 liability. For the following independent cases, compute Four Square's minimum quarterly estimated tax payments that will avoid an underpayment penalty. a. For 2020, taxable income was $800,000, and tax liability was $168,000. b. For 2019, taxable income was $2 million, and tax liability was $680,000. For 2020, taxable income was $100,000, and tax liability was $21,000.Estimated Tax Requirement. Zeta Corporation's taxable income for 2019 was $1.1 million, on which Zeta paid federal income taxes of $231,000. Zeta estimates calendar year 2020’s taxable income to be $2 million, on which it will owe $420,000 in federal income taxes. a. What are Zeta's minimum quarterly estimated tax payments for 2020 to avoid an un- derpayment penalty? b. When is Zeta's 2020 tax return due? c. When are any remaining taxes due? What amount of taxes are due when Zeta files its return assuming Zeta timely pays estimated tax payments equal to the amount deter- mined in Part a? d. If Zeta obtains an extension to file, when is its tax return due? Will the extension per- mit Zeta to delay making its final tax payments?
- In 2020, Bartley Corporation's federal income tax due was $147,000. Compute the required installment payments of 2021 tax in each of the following cases: Required: a. Bartley's 2021 taxable income is $440,000. b. Bartley's 2021 taxable income is $975,000. c. Bartley's 2021 taxable income is $2,100,000. X Answer is complete but not entirely correct. a. Total installment payments b. Total installment payments c. Total installment payments Amount $ 92,400 $ 204,750 X $ 441,000Callen Inc. had accumulated minimum tax credits of $1.37 million from tax years prior to 2018. For 2018, its regular tax before credits was $135,000. For 2019, its regular tax before credits was $155,000. If Callen does not elect the quickie refund options provided by the CARES Act with respect to 2018 minimum tax credits, determine the total amount of minimum tax credit it would claim in 2018 and 2019?For the year ended December 31, 2020, Theodore Corporation reported a pretax financial income of P6,000,000. Its taxable income was P8,000,000. The difference is due to the rental received in advance. Rental income is taxable when received. The income tax rate is 30% for all years and Theodore made an estimated tax payment of P1,000,000. What should Theodore report as 2020 total income tax expense?
- A company made $49,000 in installment sales in 2021 and will receive payment from customers in 2022-2025. Taxable income for 2021 is $588,000, the enacted tax rate is 20% for all years, this is the only difference between pretax financial income and taxable income, and there were no deferred taxes at the beginning of 2021. What amount of income tax expense should the company report at the end of 2021?Roth Inc. has a deferred tax liability of $68,000 at the beginning of 2021. At the end of 2021, it reports accounts receivable on the books at $90,000 and the tax basis at zero (its only temporary difference). If the enacted tax rate is 17% for all periods, and income taxes payable for the period is $230,000, determine the amount of total income tax expense to report for 2021.In 2021, Bartley Corporation's federal income tax due was $147,000. Compute the required installment payments of 2022 tax in each of the following cases: Required: Bartley's 2022 taxable income is $440,000. Bartley's 2022 taxable income is $975,000. Bartley's 2022 taxable income is $2,100,000.
