Banana Inc. paid income taxes of $41,486 in 2018. (Taxable income of $138,286 *30% tax rate) The

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Banana Inc. paid income taxes of $41,486 in 2018. (Taxable income of $138,286 *30% tax rate) The company is required to estimate their tax liability for 2019, based on their 2018 taxes, and make quarterly installment payments to Canada Revenue Agency.

a. How much would the estimated tax liability be for each of the first three quarters? (how much would the quarterly payment be?)

b. If 2019 profits before tax equaled $150,000, and the tax rate remained at 30%, what would the total annual tax be for Banana Inc.?

c. How much would Banana Inc.'s final tax payment be for 2019

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Financial Reporting and Analysis

ISBN: 978-1259722653

7th edition

Authors: Lawrence Revsine, Daniel Collins, Bruce Johnson, Fred Mittelstaedt, Leonard Soffer

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Posted Date: Mar 23, 2024 06:34 AM

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Banana Inc. paid income taxes of $41,486 in 2018. (Taxable income of $138,286 *30% tax rate) The

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