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Kold Corporation estimates that its 2021 taxable income will be $900,000, resulting in a tax...

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Accounting

Kold Corporation estimates that its 2021 taxable income will be $900,000, resulting in a tax liability of $189,000. 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.

a.

b.

c. For 2019, taxable income was $2 million, and tax liability was $420,000. For 2020, taxable income was $200,000, and tax liability was $42,000.

Kold is a large corporation and can use Exception 1 only on the first installment, with a full catchup in the second quarter

can you explain how c. works?

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