Asked by pizza and spagghetti on Jul 02, 2024
Verified
TTT Corporation has a fiscal year-end that ends on March 30.It is required to make quarterly estimated payments.The first estimated payment will be due on the 15th of:
A) May.
B) June.
C) July.
D) August.
Quarterly Estimated Payments
Payments made to the IRS by self-employed individuals or entities that anticipate owing tax of $1,000 or more, paid in four equal installments throughout the year.
Estimated Payment
refers to tax payments made in advance throughout the year, based on an estimate of the taxpayer's annual income.
- Clarify the schedule of estimated tax payments made quarterly by corporations and the importance of fiscal year-end dates.
Verified Answer
TK
Thien Kai Wen6 days ago
Final Answer :
C
Explanation :
Since TTT Corporation's fiscal year ends on March 30, the first quarter of the fiscal year ends on June 30. Therefore, the first estimated payment is due on the 15th day of the month following the end of the quarter, which would be July 15. Therefore, the correct answer is C.
Learning Objectives
- Clarify the schedule of estimated tax payments made quarterly by corporations and the importance of fiscal year-end dates.