BarBRanch has had taxable income of $450,000,$570,000,$760,000 and $680,000 in years 2012 through 2015,respectively.What were the equal minimum quarterly estimated tax payments for 2015 that BarBRanch should have made in 2015 to avoid any penalty?

Question

Quizplus · Accepted Answer

Tax on $680,000 is $231,200.Minimum quarterly payment = 25% ($231,200 - $499)= $57,675.25 rounded up to 57,676 as the underpayment must be less than $500.

BarBRanch Has Had Taxable Income of $450,000,$570,000,$760,000 and $680,000 in Years