Question

80. Acme Corporation has a fiscal year beginning April 1 and ending March 31. Acme Corporation’s...

80. Acme Corporation has a fiscal year beginning April 1 and ending March 31. Acme Corporation’s estimated tax for the fiscal year is $4,000. When is the first installment of Acme Corporation’s estimated tax due (without considering Saturdays, Sundays, or holidays)?

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Answer #1

First installment of Acme corporation's estimated tax will be due on 15th day of the fourth month ( that is 15th April ) of the corporation fiscal year.

Explanation: A corporation that estimates tax of $ 500 or more must anticipate its income tax liability for the running or current fiscal year and should pay four quarterly installments of estimated tax. Installments of estimated tax for corporation's fiscal year are due on 15th day of fourth month ( April), sixth month ( June), Ninth month ( September) and twelfth month ( December).

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