Using the following information, determine Chelsea Corporation’s tax owed or refund due using this form if it made estimated tax payments of $15,000. Chelsea Corporation (34 Chelsea Drive, Sarasota, Florida 33456) is a calendar year corporation; its EIN is 78 9999999 and it was incorporated on June 15, 2002. It reported the following for the current year:
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Sales = $1,450,000 |
Pension Contributions = $28,000 |
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Cost of Sales = $625,000 |
Meals and Entertainment = $12,000 |
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Officers Compensation = $187,000 |
Utilities = $21,000 |
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Salary and Wages = $266,000 |
Repairs/Maintenance = $14,000 |
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Rent = $48,000 |
Vehicle Expenses = $34,000 |
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Taxes = $87,000 |
Insurance = $30,000 |
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Depreciation = $34,000 |
Employee Benefit Plans = $17,000 |