Sales for J. P. Hulett Inc. during the past year amounted to $3.9 million. Gross profits...
Sales for J. P. Hulett Inc. during the past year amounted to $3.9 million. Gross profits totaled $1.07 million, and operating and depreciation expenses were $494,000 and $357,000, respectively. Dividend income for the year was $14,000, which was paid by a firm in which Hulett owns 85 percent of the shares. Use the corporate tax rates shown in the, to Comcute the corporation's tax liability. What are the firm's average and marginal tax rates?
|
Taxable Income |
Marginal Tax Rate |
|
|
$0−$50,000 |
15% |
|
|
$50,001−$75,000 |
25% |
|
|
$75,001−$100,000 |
34% |
|
|
$100,001−$335,000 |
39% |
|
|
$335,001−$10,000,000 |
34% |
|
|
$10,000,001−$15,000,000 |
35% |
|
|
$15,000,001−$18,333,333 |
38% |
|
|
Over $18,333,333 |
35% |
The firm's tax liability for the year is $_________
If you could please explain how you get the conclusion that would be Great. I am really wanting to fully grasp where the numbers are coming from.
thanks
Homework Answers
Add Answer to:
Sales for J. P. Hulett Inc. during the past year amounted to
$3.9 million. Gross profits...
(Corporate income tax) Sales for J.P. Hulett Inc. during the past year amounted to 54.2 million....
(Corporate income tax) Sales for J.P. Hulett Inc. during the past year amounted to 54.2 million. Gross profits totaled $1.02 million, and operating and depreciation expenses were $500,000 and $358,000, respectively. Dividend income for the year was $13,000, which was paid by a firm in which Hulett owns 85 percent of the shares. Use the corporate tax rates shown in the popup window, . to Comcute the corporation's tax liability. What are the firm's average and marginal tax rates? The...
0 Data Table t dolla Taxable income $0 - $50,000 $50,001 - $75,000 $75,001 - $100,000...
0 Data Table t dolla Taxable income $0 - $50,000 $50,001 - $75,000 $75,001 - $100,000 $100,001 - $335,000 $335,001 - $10,000,000 $10,000,001 - $15,000,000 $15,000,001 - $18,333,333 Over $18,333,333 Marginal Tax Rate 15% 25% 34% 39% 3 4% 35% 38% 35% Print Done (Corporate income tax) Sales for J. P. Hulett Inc. during the past year amounted to $4.3 million. Gross profits totaled $1.06 million, and operating and depreciation expenses were $496,000 and $357,000, respectively. Dividend income for the...
(Corporate income tax) Sales for J. P. Hulett Inc. during the past year amounted to $...
(Corporate income tax) Sales for J. P. Hulett Inc. during the past year amounted to $ 3.9 million. Gross profits totaled $ 1.09 million, and operating and depreciation expenses were $492,000 and $351,000, respectively. Dividend income for the year was $12,000, which was paid by a firm in which Hulett owns 85 percent of the shares. Use the corporate tax rates shown in the popup window (inserted below), to Comcute the corporation's tax liability. What are the firm's average and...
(Corporate income tax) Last year Sanderson, Inc. had sales of $3.9 million. The firm's cost of...
(Corporate income tax) Last year Sanderson, Inc. had sales of $3.9 million. The firm's cost of goods sold came to $2.4 million, its operating expenses excluding depreciation of $98,000 were $406,000, and the firm paid $151,000 in interest on its bank loans. Also, the corporation received 49,000 in dividend income from a company in which it owned less than 20 percent of its shares) but paid $23,000 in the form of dividends to its own common stockholders. Use the corporate...
number 3 (Corporate income tax) Last year Sanderson, Inc, had sales of $3.4 million. The firm's...
number 3
(Corporate income tax) Last year Sanderson, Inc, had sales of $3.4 million. The firm's cost of goods sold came to $2.1 million, its operating expenses excluding depreciation of $104,000 were $401,000, and the firm paid $150,000 in Interest on its bank loans. Also, the corporation received $47,000 in dividend income (from a company in which it owned less than 20 percent of its shares) but paid $30,000 in the form of dividends to its own common stockholders. Use...
Corporate income tax) Meyer Inc. has taxable income (earnings before taxes) of $297,000. Calculate Meyer's federal...
Corporate income tax) Meyer Inc. has taxable income (earnings before taxes) of $297,000. Calculate Meyer's federal income tax liability using the tax table shown in the popup window. What are the firm's average and marginal tax rates? The firm's tax liability for the year is $1. (Round to the nearest dollar.) The firm's average tax rate is %. (Round to two decimal places.) The firm's marginal tax rate is %. (Round to the nearest integer.) Data Table - X @...
Sales for J. P. Hulett Inc. during the past year amounted to $4.1 million. The firm...
Sales for J. P. Hulett Inc. during the past year amounted to $4.1 million. The firm supplies statistical information to engineering companies. Gross profits totaled $1.15 million, and operating and depreciation expenses were $498,000 and 352,000 respectively. Dividend income for the year was $11,800 Compute the corporation's tax liability by using the corporate tax rate structure in the popup window, Corporate Tax Rates 15% $olong dash-$50,000 25% $50,001long dash-$75,000 34% $75,001 long dash-$10,000,000 35% over $10,000,000 Additional surtax: bullet 5%...
Marginal Tax Rate Taxable Income $0 $50,000 15% $50,001-$75,000 25% $75,001 $100,000 34% $100,001 $335,000 39%...
Marginal Tax Rate Taxable Income $0 $50,000 15% $50,001-$75,000 25% $75,001 $100,000 34% $100,001 $335,000 39% $335,001 $10,000,000 34% $10,000,001 $15,000,000 35% $15,000,001 $18,333,33338% Over $18,333,333 35% (Corporate income tax) G. R. Edwin Inc. had sales of $6.11 millicn during the past year. The oost of goods sold amounted to $2.5 million. Operating expenses totaled $2.49 million, and interest expense was $22,000. Use the corporate tax the popup window, rates shown termine th iabi What are the firm's average and...
The Anberlin Co. had $272194 in 2015 taxable income. Use the tax rates from Table 2.3....
The Anberlin Co. had $272194 in 2015 taxable income. Use the tax rates from Table 2.3. Calculate the company’s marginal tax rate. Taxable Income Tax rate $0-50,000 15% 50,001-75,000 25% 75,001-100,000 34% 100,001-335,000 39% 335,001-10,000,000 34% 10,000,001-15,000,000 35% 15,000,001-18,333,333 38% 18,333,334 + 35%
Marginal Tax Rate Taxable Income Portion Subject to That Rate 15% 0–$50,000 25% $50,001–$75,000 34% $75,001–$100,000...
Marginal Tax Rate
Taxable Income Portion Subject to That Rate
15%
0–$50,000
25%
$50,001–$75,000
34%
$75,001–$100,000
39%
$100,001–$335,000
34%
$335,001–$10,000,000
35%
$10,000,001–$15,000,000
38%
$15,000,001–$18,333,333
35%
$18,333,333+
(4 of 10 Using the tax table provided in Figure 10.3, determine the average and marginal tax rates for a company that earned $18.5 million in taxable income. Average rate = 35.00%; Marginal rate = 35.00% Average rate = 38.00%; Marginal rate = 34.68% Average rate = 34.68%; Marginal rate = 35.00% Average rate...
(Corporate income tax) Sales for J.P. Hulett Inc. during the past year amounted to 54.2 million. Gross profits totaled $1.02 million, and operating and depreciation expenses were $500,000 and $358,000, respectively. Dividend income for the year was $13,000, which was paid by a firm in which Hulett owns 85 percent of the shares. Use the corporate tax rates shown in the popup window, . to Comcute the corporation's tax liability. What are the firm's average and marginal tax rates? The...
0 Data Table t dolla Taxable income $0 - $50,000 $50,001 - $75,000 $75,001 - $100,000 $100,001 - $335,000 $335,001 - $10,000,000 $10,000,001 - $15,000,000 $15,000,001 - $18,333,333 Over $18,333,333 Marginal Tax Rate 15% 25% 34% 39% 3 4% 35% 38% 35% Print Done (Corporate income tax) Sales for J. P. Hulett Inc. during the past year amounted to $4.3 million. Gross profits totaled $1.06 million, and operating and depreciation expenses were $496,000 and $357,000, respectively. Dividend income for the...
(Corporate income tax) Last year Sanderson, Inc. had sales of $3.9 million. The firm's cost of goods sold came to $2.4 million, its operating expenses excluding depreciation of $98,000 were $406,000, and the firm paid $151,000 in interest on its bank loans. Also, the corporation received 49,000 in dividend income from a company in which it owned less than 20 percent of its shares) but paid $23,000 in the form of dividends to its own common stockholders. Use the corporate...
number 3
(Corporate income tax) Last year Sanderson, Inc, had sales of $3.4 million. The firm's cost of goods sold came to $2.1 million, its operating expenses excluding depreciation of $104,000 were $401,000, and the firm paid $150,000 in Interest on its bank loans. Also, the corporation received $47,000 in dividend income (from a company in which it owned less than 20 percent of its shares) but paid $30,000 in the form of dividends to its own common stockholders. Use...
Corporate income tax) Meyer Inc. has taxable income (earnings before taxes) of $297,000. Calculate Meyer's federal income tax liability using the tax table shown in the popup window. What are the firm's average and marginal tax rates? The firm's tax liability for the year is $1. (Round to the nearest dollar.) The firm's average tax rate is %. (Round to two decimal places.) The firm's marginal tax rate is %. (Round to the nearest integer.) Data Table - X @...
Sales for J. P. Hulett Inc. during the past year amounted to $4.1 million. The firm supplies statistical information to engineering companies. Gross profits totaled $1.15 million, and operating and depreciation expenses were $498,000 and 352,000 respectively. Dividend income for the year was $11,800 Compute the corporation's tax liability by using the corporate tax rate structure in the popup window, Corporate Tax Rates 15% $olong dash-$50,000 25% $50,001long dash-$75,000 34% $75,001 long dash-$10,000,000 35% over $10,000,000 Additional surtax: bullet 5%...
Marginal Tax Rate Taxable Income $0 $50,000 15% $50,001-$75,000 25% $75,001 $100,000 34% $100,001 $335,000 39% $335,001 $10,000,000 34% $10,000,001 $15,000,000 35% $15,000,001 $18,333,33338% Over $18,333,333 35% (Corporate income tax) G. R. Edwin Inc. had sales of $6.11 millicn during the past year. The oost of goods sold amounted to $2.5 million. Operating expenses totaled $2.49 million, and interest expense was $22,000. Use the corporate tax the popup window, rates shown termine th iabi What are the firm's average and...
Marginal Tax Rate
Taxable Income Portion Subject to That Rate
15%
0–$50,000
25%
$50,001–$75,000
34%
$75,001–$100,000
39%
$100,001–$335,000
34%
$335,001–$10,000,000
35%
$10,000,001–$15,000,000
38%
$15,000,001–$18,333,333
35%
$18,333,333+
(4 of 10 Using the tax table provided in Figure 10.3, determine the average and marginal tax rates for a company that earned $18.5 million in taxable income. Average rate = 35.00%; Marginal rate = 35.00% Average rate = 38.00%; Marginal rate = 34.68% Average rate = 34.68%; Marginal rate = 35.00% Average rate...
Most questions answered within 3 hours.
-
The lifetime of a physical mechanism is given as f(x) = {(c/x^2
if 1< x <...
asked 11 seconds ago -
Please help me with this problem below
What is wrong with the following code?
if income...
asked 9 minutes ago -
The following information for the past year is available from
Thinnews Co., a company that uses...
asked 12 minutes ago -
Suppose you work for Allstate, and insurance company and the
data shows the following for auto...
asked 12 minutes ago -
The fresh fruit market and frozen dinner market are
currently in equilibrium. Fresh fruit is a...
asked 18 minutes ago -
(1 point) Golf-course designers have become concerned that old
courses are becoming obsolete since new technology...
asked 16 minutes ago -
The active retelling of dominant cultural stories is known
preserves which concept?
hegemony
heterodoxy
doxa
myth
asked 19 minutes ago -
1. Which of the following statements is true of money?
It is anything accepted in exchange...
asked 20 minutes ago -
BASED ON THE AIRBNB, ETSY, UBER: GROWING FROM ONE THOUSAND TO
ONE MILLION CUSTOMERS HARVARD CASE:...
asked 46 minutes ago -
Which of these methods cause sterilization?
Autoclaving
Dry heat
Gamma irradiation
Ethylene oxide
A.
Yes
No...
asked 51 minutes ago -
A biologist wishes to estimate the effect of an antibiotic on
the growth of a particular...
asked 59 minutes ago -
O’Deesha Company has the following information available:
Quality engineering of
products
$20,000
Quality training of
employees &n
asked 1 hour ago