The Square Services Corporation estimates that its 2008 taxable income will be $800,000.Thus,it is subject to a flat 34% income tax rate and incurs a $272,000 liability.For each of the following independent cases,compute Square's minimum quarterly estimated tax payments that will avoid an underpayment penalty.
a.For 2007, taxable income was ($150,000). Square carried back all of this loss to prior years and exhausted the entire net operating loss in creating a zero 2007 liability.
b.For 2007, taxable income was $700,000, and tax liability was $238,000.
c.For 2006, taxable income was $2 million, and tax liability was $680,000. For 2007, taxable income was $100,000, and tax liability was $22,250.

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The Answer of The Square Services Corporation estimates that its 2008 taxable income will be $800,000.Thus,it is subject to a flat 34% income tax rate and incurs a $272,000 liability.For each of the following independent cases,compute Square's minimum quarterly estimated tax payments that will avoid an underpayment penalty.
a.For 2007, taxable income was ($150,000). Square carried back all of this loss to prior years and exhausted the entire net operating loss in creating a zero 2007 liability.
b.For 2007, taxable income was $700,000, and tax liability was $238,000.
c.For 2006, taxable income was $2 million, and tax liability was $680,000. For 2007, taxable income was $100,000, and tax liability was $22,250.

The Square Services Corporation Estimates That Its 2008 Taxable Income