Last year TBA Corporation a calendaryear taxpayer reported a

Last year, TBA Corporation, a calendar-year taxpayer, reported a tax liability of $100,000. TBA confidently anticipates a current-year tax liability of $240,000 What minimum estimated tax payments should TBA make for the first, second, third, and fourth quarters, respectively (ignore the annualized income method), assuming the following: (Leave no answer blank. Enter zero if applicable. Input all your answers as positive numbers.) a. TBA is not considered to be a large corporation for estimated tax purposes Answer is complete but not entirely correct Estimated Tax Liability Percentage of Tax Required To Be Paid Prior Cumulative Payments Required Estimated Tax Payment Required Cumulative Installment Payment 00$ 6,250 First quarter 25,000 $ 50,000 $ 75,000 $ 100,000 25096 $ 6,250 50096 |$ 25,000 $ 6,250>$ 18,750 75096 |$ 56,250 |$ 12,500 3 $ 43,750 10001% |$ 100,000 |$ 18,7500$ 81,250 Second uarter uarter uarter Third Fourth

Solution

Answer

installment	estimated tax liability	percentage of tax required to be paid		required cumulative payment	prior cumulative payment	required esd timated tax payment
first quarter	100000	25	%	25000	0	25000
second quarter	100000	50	%	50000	25000	25000
third quarter	100000	75	%	75000	50000	25000
fourth quarter	100000	100	%	100000	75000	25000