Which of the following is not an acceptable method of determining the required annual payment of...
Which of the following is not an acceptable method of determining the required annual payment of federal income tax for corporations?
A) 100 percent of the prior year's tax liability (with a few exceptions)
B) 100 percent of the current year's tax liability
C) 100 percent of the estimated current year tax liability using the annualized income method
D) All of the choices are acceptable methods of determining the required annual payment of federal income tax for corporations.
Explain.
Explain.
Homework Answers
Required annual payment can be either 100 percent of the prior year's tax liability, or 100 percent of the current year's tax liability or 100 percent of the estimated current year tax liability using the annualized income method that is payment of tax in advance.
Therefore, the correct answer is D that is all of the choices are acceptable methods of determining the required annual payment of federal income tax for corporations.
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