Calculate total installment payments
In 2018, NB Inc.'s federal taxable income was $242,000. Compute the required installment payments of 2019 tax in each of the following cases:
NB’s 2019 taxable income is $593,000.
NB’s 2019 taxable income is $950,000.
NB’s 2019 taxable income is $1,400,000.
Calculate the total installment payments
Homework Answers
| Answer | ||
| a) Total installment payment | $ 2,01,620 | |
| b) Total installment payment | $ 3,23,000 | |
| c) Total installment payment | $ 4,76,000 | |
| Explanation : | ||
| a) | 113900+34% (593000-335000) | |
| = 113900+87720 | ||
| = $201,620 | ||
| b) | 113900+34% (950000-335000) | |
| = 113900+209100 | ||
| = $323,000 | ||
| c) | 113900+34% (1400000-335000) | |
| = 113900+362,100 | ||
| = $476,000 | ||
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