Homework Answers
Since the Corporate tax rate is flat 21%.
a. So the Taxes on 1,600,000 will be = $1,600,000 * 21% = $336,000
Net Income = Income before tax - Taxes
= $1,600,000 - $336,000
= $1,264,000
b. Average Income Tax = 21% (as the rate is flat 21% so Average will also be 21% only)
or
Average Income Tax = 336,000 / 1,600,000 *100 = 21%
c i. Additional Taxes = $150,000 * 21% = $31,500
c ii. Marginal Tax Rate = 21% (as the rate is flat 21% so Marginal tax rate will also be 21% only)
Add Answer to:
W SE LLO 2 Income Statement. Use the corporate tax rate table from Question 6. a...
(Corporate income tax) Boisjoly Productions had taxable income of $19.9 million. a. Calculate Boisjoly's federal income...
(Corporate income tax) Boisjoly Productions had taxable income of $19.9 million. a. Calculate Boisjoly's federal income taxes by using the corporate tax rate structure in the popup window, b. Now calculate Boisjoly's average and marginal tax rates. c. What would Boisjoly's federal income taxes be if its taxable income was $29.6 million? d. Now calculate Boisjoly's average and marginal tax rates with taxable income of $29.6 million. a. Calculate Boisjoly's federal income taxes. The total tax due is $ ....
2. Income Statement and Taxes a) Find the missing values for the income statement below: Fresno...
2. Income Statement and Taxes a) Find the missing values for the income statement below: Fresno Cleaners 2018 Income Statement Net sales Cost of goods sold Depreciation EBIT Interest paid Earnings before taxes Taxes 32% Net income Dividends paid Addition to retained earnings $ 68,700 51,300 4,600 ? 1,225 ? ? 3,400 ? 0 I b) If a firm has $300,000 in taxable income in both 2017 and 2018: What is the firm's tax liability for each year? What is...
3) a) If the corporate tax rate is 30% and the individual tax rate is 10%...
3) a) If the corporate tax rate is 30% and the individual tax rate is 10% (and these are the only taxes), a corporation with $20,000 of operating income, what is the after-tax disposable income the corporation generated for its owners? The tax rate is 5% between $0-$10,000 and 12% between $10,001 _$20,000. If you earn $12,000, then what is the average tax rate and the marginal tax rate? b) 4) a) You decide that your family would be comfortable...
3) a) If the corporate tax rate is 30% and the individual tax rate is 10%...
3) a) If the corporate tax rate is 30% and the individual tax rate is 10% (and these are the only taxes), a corporation with $20,000 of operating income, what is the after-tax disposable income the corporation generated for its owners? The tax rate is 5% between $0-$10,000 and 12% between $10.001-$20,000. If you earn $12,000. then what is the average tax rate and the marginal tax rate? 4) a) You decide that your family would be comfortable living on...
(Corporate income tax) Boisjoly Productions had taxable income of $19.1 million. a. Calculate Boisjoly's federal income...
(Corporate income tax) Boisjoly Productions had taxable income of $19.1 million. a. Calculate Boisjoly's federal income taxes by using the corporate tax rate structure in the popup window, E b. Now calculate Boisjoly's average and marginal tax rates. c. What would Boisjoly's federal income taxes be if its taxable income was $29.9 million? d. Now calculate Boisjoly's average and marginal tax rates with taxable income of $29.9 million. a. Calculate Boisjoly's federal income taxes. The total tax due is $...
TABLE 2.1 Corporate Tax Rate Schedule + + + + Range of taxable income 0 to...
TABLE 2.1 Corporate Tax Rate Schedule + + + + Range of taxable income 0 to $ 50,000 50,000 to 75,000 75,000 to 100,000 100,000 to 335,000 335,000 to 10,000,000 10,000,000 to 15,000,000 15,000,000 to 18,333,333 Over 18,333,333 Base tax $ 0 7,500 13,750 22,250 113,900 3,400,000 5,150,000 6,416,667 Tax calculation (Marginal rate X amount over base bracket) (15% X amount over $ 0) (25 X amount over 50,000) (34 X amount over 75,000 amount over 100,000) amount over 335,000)...
table 2.3 Corporate Tax Rates as of 2015 Pay this Amount on Base Income Plus this...
table 2.3 Corporate Tax Rates as of 2015 Pay this Amount on Base Income Plus this Percentage on Anything Over the Base 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 0 7,500 13,750 22,250 113,900 3,400,000 5,150,000 6,416,667 15% 25 34 39 34 35 38 35 Hunt Taxidermy, Inc. is concerned about the taxes paid by the company in 2018. In addition to $4.4 million of taxable income, the firm received $309,000 of interest on state-issued bonds...
(Corporate income tax) Boisjoly Productions had taxable income of $19.2 million. a. Calculate Boisjoly's federal income...
(Corporate income tax) Boisjoly Productions had taxable income of $19.2 million. a. Calculate Boisjoly's federal income taxes by using the corporate tax rate structure in the popup window, b. Now calculate Boisjoly's average and marginal tax rates. c. What would Boisjoly's federal income taxes be if its taxable income was $29.8 million? d. Now calculate Boisjoly's average and marginal tax rates with taxable income of $29.8 million. a. Calculate Boisjoly's federal income taxes. The total tax due is $1. (Round...
Suppose the U.S. government exempts the first $20,000 in household income from taxation (or in other...
Suppose the U.S. government exempts the first $20,000 in household income from taxation (or in other words, the tax rate is 0% on the first $20,000 of income), but other than that provides no tax exemptions. On all remaining income, the U.S. government imposes a 10% tax rate on the first $30,000 of taxable income, a 20% tax rate on the next $70,000 of taxable income, and a 30% tax rate on all remaining taxable income. Moreover, suppose that the...
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 @...
(Corporate income tax) Boisjoly Productions had taxable income of $19.9 million. a. Calculate Boisjoly's federal income taxes by using the corporate tax rate structure in the popup window, b. Now calculate Boisjoly's average and marginal tax rates. c. What would Boisjoly's federal income taxes be if its taxable income was $29.6 million? d. Now calculate Boisjoly's average and marginal tax rates with taxable income of $29.6 million. a. Calculate Boisjoly's federal income taxes. The total tax due is $ ....
2. Income Statement and Taxes a) Find the missing values for the income statement below: Fresno Cleaners 2018 Income Statement Net sales Cost of goods sold Depreciation EBIT Interest paid Earnings before taxes Taxes 32% Net income Dividends paid Addition to retained earnings $ 68,700 51,300 4,600 ? 1,225 ? ? 3,400 ? 0 I b) If a firm has $300,000 in taxable income in both 2017 and 2018: What is the firm's tax liability for each year? What is...
3) a) If the corporate tax rate is 30% and the individual tax rate is 10% (and these are the only taxes), a corporation with $20,000 of operating income, what is the after-tax disposable income the corporation generated for its owners? The tax rate is 5% between $0-$10,000 and 12% between $10,001 _$20,000. If you earn $12,000, then what is the average tax rate and the marginal tax rate? b) 4) a) You decide that your family would be comfortable...
3) a) If the corporate tax rate is 30% and the individual tax rate is 10% (and these are the only taxes), a corporation with $20,000 of operating income, what is the after-tax disposable income the corporation generated for its owners? The tax rate is 5% between $0-$10,000 and 12% between $10.001-$20,000. If you earn $12,000. then what is the average tax rate and the marginal tax rate? 4) a) You decide that your family would be comfortable living on...
(Corporate income tax) Boisjoly Productions had taxable income of $19.1 million. a. Calculate Boisjoly's federal income taxes by using the corporate tax rate structure in the popup window, E b. Now calculate Boisjoly's average and marginal tax rates. c. What would Boisjoly's federal income taxes be if its taxable income was $29.9 million? d. Now calculate Boisjoly's average and marginal tax rates with taxable income of $29.9 million. a. Calculate Boisjoly's federal income taxes. The total tax due is $...
TABLE 2.1 Corporate Tax Rate Schedule + + + + Range of taxable income 0 to $ 50,000 50,000 to 75,000 75,000 to 100,000 100,000 to 335,000 335,000 to 10,000,000 10,000,000 to 15,000,000 15,000,000 to 18,333,333 Over 18,333,333 Base tax $ 0 7,500 13,750 22,250 113,900 3,400,000 5,150,000 6,416,667 Tax calculation (Marginal rate X amount over base bracket) (15% X amount over $ 0) (25 X amount over 50,000) (34 X amount over 75,000 amount over 100,000) amount over 335,000)...
table 2.3 Corporate Tax Rates as of 2015 Pay this Amount on Base Income Plus this Percentage on Anything Over the Base 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 0 7,500 13,750 22,250 113,900 3,400,000 5,150,000 6,416,667 15% 25 34 39 34 35 38 35 Hunt Taxidermy, Inc. is concerned about the taxes paid by the company in 2018. In addition to $4.4 million of taxable income, the firm received $309,000 of interest on state-issued bonds...
(Corporate income tax) Boisjoly Productions had taxable income of $19.2 million. a. Calculate Boisjoly's federal income taxes by using the corporate tax rate structure in the popup window, b. Now calculate Boisjoly's average and marginal tax rates. c. What would Boisjoly's federal income taxes be if its taxable income was $29.8 million? d. Now calculate Boisjoly's average and marginal tax rates with taxable income of $29.8 million. a. Calculate Boisjoly's federal income taxes. The total tax due is $1. (Round...
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 @...
Most questions answered within 3 hours.
-
What are the variety of forms of products dispensed with aerosol
spray?
asked 1 minute from now -
Pyruvate Kinase, an allosteric enzyme, accelerates the
conversion of phosphoenolpyruvate to pyruvate.
1) Draw curves describing...
asked 1 minute ago -
question 1
Which of the following is an example of a bottom-up technique
for developing promotional...
asked 18 minutes ago -
1)In FM modulation, what aspect of the carrier is being
modulated?
2)Explain in your own words,...
asked 14 minutes ago -
Andromeda Galaxy, M31, is considered a sister galaxy to Milky
Way galaxy. One similarirty is their...
asked 20 minutes ago -
How does temperature affect ADH during enzyme
kinetics?
asked 28 minutes ago -
A $1000 par value convertible bond has a conversion price of
$25. It is currently selling...
asked 36 minutes ago -
Write a java program that declares 10 element array (of type
integers), creates and initializes the...
asked 34 minutes ago -
import java.util.Arrays;
import java.util.Random;
import java.util.Scanner;
/**
* TODO Write a summary of the role of...
asked 39 minutes ago -
Sodium hydroxide is a strong base and ammonium hydroxide is a
weak base. Which of the...
asked 44 minutes ago -
Glycerol, C3H8O3, is a substance used extensively in the
manufacture of cosmetics, foodstuffs, antifreeze, and plastics....
asked 47 minutes ago -
After moving through Chapter 1 of our textbook, what is a social
issue/area of concern that...
asked 48 minutes ago