To calculate ${5^{2009}}^{1492}\mod{503}$, one can utilize modular arithmetic, specifically Euler's theorem and Fermat's little theorem. Since 503 is prime, the period of powers of 5 modulo 503 is 502, derived from 503 - 1. Simplifying the exponent involves finding ${2009 \cdot 1492} \mod{502}$ to reduce the complexity of the expression. Analyzing a smaller modulus, such as 7, can also help clarify the reasoning process. Understanding these concepts is crucial for tackling large exponentiation problems in modular arithmetic.