Homework Answers
Solution:
Given information:
Grouse taxable income:
- In 2017 = $ 14,00,000
- In 2018 = $ 12,00,000
- In 2019 = $ 7,00,000
- In 2020 = $ 16,00,000
In 2019 & 2020 Tax Rate is 21% and Calculated tax rate for 2019&2020 in the following:
- In 2019 Estimated tax = $ 7,00,000*21% = $ 7,00,000*0.21 = $ 1,47,000
- In 2020 Estimated tax = $ 16,00,000*21% = $ 16,00,000*0.21 = $ 3,36,000
Calculation of estimated tax payments for 2020 in the following months:
| Particulars | Amount | Amount |
| Apr ,15, 2020 |
Lessor amount of 25% of tax last and current year =$ 1,47,000 * 25% (or) $ 3,36,000*25% =$ 36,750 (or) $ 84,000 [lesser amount is $ 36,750] |
$ 36,750 |
| June,15,2020 |
=($ 3,36,000 - $ 1,47,000 + $ 3,36,000)*25% =$ 5,25,000*25/100 =$ 1,31,250 |
$ 1,31,250 |
| Sep,15,2020 |
= $ 3,36,000*25% = $ 3,36,000*25/100 = $ 84,000 |
$ 84,000 |
| Dec ,15,2020 |
= $ 3,36,000*25% = $ 3,36,000*25/100 = $ 84,000 |
$ 84,000 |
| Total Estimated tax |
$ 36,750 + $ 1,31,250 + $ 84,000 + $ 84,000 = $ 3,36000 |
$ 3,36000 |
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