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.
Installment Estimated Tax Liability Percentage of Tax Required To Be Paid Required Cumulative Payment Prior Cumulative Payments Required Estimated Tax Payment
First quarter %
Second quarter %
Third quarter %
Fourth quarter %
b. TBA is considered to be a large corporation for estimated tax purposes.
Installment Estimated Tax Liability Percentage of Tax Required To Be Paid Required Cumulative Payment Prior Cumulative Payments Required Estimated Tax Payment
First quarter $ %
Second quarter %
Third quarter %
Fourth quarter %