Problem:
Kold Corporation estimates that its 2015 taxable income will be $900,000. Thus, it is subject to a flat 34 percent income tax rate and incurs a $306,000 tax liability. For each of the following independent cases, compute the minimum quarterly estimated-tax payments that will be required from Kold to avoid an underpayment penalty. Show your work.
Required:
Question 1: Taxable income for 2014 was ($100,000). Kold carried back all its loss to prior years and exhausted the entire net operating loss in creating a zero liability for 2014.
Question 2: For 2014, taxable income was $200,000, and tax liability was $68,000.
Question 3: For 2013, taxable income was $2 million, and tax liability was $680,000. For 2014, taxable income was$200,000, and tax liability was $68,000.
Note: Be sure to show how you arrived at your answer.