Homework Answers
Answer:-
tax rate for 2019 & 2020 is 21%
| Taxable income 2020 = 1,600,000 | ||
| Estimated Tax = 1,600,000*21% | ||
| Estimated Tax 2020 = $336,000 | 336000 | |
| Ist Payment(April 15,2020) | Lessor of 25% of tax last and current year | |
| (700000*21%)/4 or 336,000/4 | 36,750 | |
| lessor of 147000/4 or 336,000/4 | ||
| 2nd Payment(June 15,2020) | =(336000-147000+336000)*0.25 | 131,250 |
| 3rd Payment(September 15,2000) | =(336000*25%) | 84,000 |
| 4th payment(December 15,2020) | =(336000*25%) | 84,000 |
| Total | 336,000 |
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