Homework Answers
The answer is:
| Installment | Taxable income | Annualization factor | Annual estimated taxable income | Tax on estimated taxable income | % of tax required to be paid | Required cumulative payment | Prior cumulative payment | Required estimated tax payment | |
| 1st quarter | 1,000,000 | 12/3 = 4 | 4,000,000.00 | 1,360,000 | 25 | % | 340,000 | 0 | 340,000 |
| 2nd quarter | 1,000,000 | 12/3 = 4 | 4,000,000.00 | 1,360,000 | 50 | % | 680,000 | 340,000 | 340,000 |
| 3rd quarter | 1,600,000 | 12/6 = 2 | 3,200,000.00 | 1,088,000 | 75 | % | 816,000 | 680,000 | 136,000 |
| 4th quarter | 2,400,000 | 12/9 = 1.3333333 | 3,200,000 | 1,088,000 | 100 | % | 1,088,000 | 816,000 | 272,000 |
Calculations:
| (i) | (ii) | (iii) = (i*ii) | |
| Installment | Taxable income | Annualization factor | Annual estimated taxable income |
| 1st quarter | 1,000,000 | 12/3 = 4 | 4,000,000 |
| 2nd quarter | 1,000,000 | 12/3 = 4 | 4,000,000 |
| 3rd quarter | 1,600,000 | 12/6 = 2 | 3,200,000 |
| 4th quarter | 2,400,000 | 12/9 = 1.3333333 | 3,200,000 |
| (i) | (ii) | (iii) = (i*ii) | (iv) = (ii*iii) | (v) | (vi) = (iv - v) | |
| Installment | Annual estimated taxable income | Tax on estimated income (34%) | % of tax required to be paid | Required cumulative payment | Prior cumulative payment | Required estimated tax payment |
| 1st quarter | 4,000,000 | 1,360,000 | 25% | 340,000 | - | 340,000 |
| 2nd quarter | 4,000,000 | 1,360,000 | 50% | 680,000 | 340,000 | 340,000 |
| 3rd quarter | 3,200,000 | 1,088,000 | 75% | 816,000 | 680,000 | 136,000 |
| 4th quarter | 3,200,000 | 1,088,000 | 100% | 1,088,000 | 816,000 | 272,000 |
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