Ask Question
30 October, 22:31

Omnidata uses the annualized income method to determine its quarterly federal income tax payments. It had $119,000, $66,000, and $106,250 of taxable income for the first, second, and third quarters, respectively ($291,250 in total through the first three quarters). What is Omnidata's annual estimated taxable income for the tax year as of the end of the third quarter?

+2
Answers (1)
  1. 30 October, 22:35
    0
    annual estimated taxable income = $370000

    Explanation:

    given data

    taxable income first quarters = $119,000

    taxable income second quarters = $66,000

    taxable income third quarters = $106,250

    total first three quarters = $291,250

    to find out

    annual estimated taxable income

    solution

    we get here annual taxable income so first we get here third quarter estimated payment

    so for that we need annualize cumulative taxable income half year that is taxable income of 1st and 2nd quarters

    so taxable income of 1st and 2nd quarters = $119,000 and $66,000

    so here annual estimated taxable income will be

    annual estimated taxable income = 2 * (taxable income first quarters + taxable income second quarters) ... 1

    annual estimated taxable income = 2 * ($119000 + $66000)

    annual estimated taxable income = $370000
Know the Answer?
Not Sure About the Answer?
Find an answer to your question 👍 “Omnidata uses the annualized income method to determine its quarterly federal income tax payments. It had $119,000, $66,000, and $106,250 ...” in 📗 Business if the answers seem to be not correct or there’s no answer. Try a smart search to find answers to similar questions.
Search for Other Answers