Homework Answers
| Tax liability ( 50000*15%+8650*25% ) | $ 9,663 |
| Average tax rate ( 9663/58650 ) | 16.48% |
| Marginal tax rate | 25% |
| Robbins Corporation | ||
| Income Statement | ||
| Sales | $ 1,050,000 | |
| Less: Cost of Goods Sold | $ 620,000 | |
| Gross Profit | $ 430,000 | |
| Less: Operating Expenses | ||
| Depreciation | $ 50,000 | |
| Cash Operating Expenses | $ 102,000 | |
| Total Operating Expenses | $ 152,000 | |
| Operating Income | $ 278,000 | |
| Other Income ( Expenses) | ||
| Dividend Income ( 45000*22% ) | $ 9,900 | |
| Interest Expense | $ -229,250 | $ -219,350 |
| Taxable Income | $ 58,650 | |
Add Answer to:
(Corporate income tax) The Robbins Corporation is an oil wholesaler. The firm's sales last year were...
(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) 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...
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 @...
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...
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...
Given the following information, what is the corporation's federal tax obligation? Use the federal corporate tax...
Given the following information, what is the corporation's federal tax obligation? Use the federal corporate tax structure to answer the questions. Round your answers to the nearest dollar Taxable income: Taxable income: Taxable income: Taxable income: $3,000 $63,000 $1,100,000 $44,000,000 Tax on $3,000: 5 Taxon 563.000:$ Thxon $1,100,000: 5 Taxon 544,000,000 $ Marginal Tax Rate 15% 25 34 Taxable Corporate 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 39 34 35 38 35
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%
The Anberin Co. had $280925 in 2015 taxable income. Use the tax rates from Table 2.3....
The Anberin Co. had $280925 in 2015 taxable income. Use the tax rates from Table 2.3. Calculate the company's average tax rate. TABLE 2.3 Taxable Income Tax Rate Corporate Tax Rates 50,000 75,000 100,000 100,001-335,000 335,001-10,000,000 10,000,001-15,000,000 15,000,001-18,333,333 15% 25 34 39 34 35 38 35 50,001 75,001 18,333,334+
A company has $13,500,000 in taxable income. Consider the following corporate marginal tax rates: 1. What...
A company has $13,500,000 in taxable income. Consider the
following corporate marginal tax rates:
1. What is the marginal tax rate for the
company?
2. What is the total tax bill for the company, i.e., how
much does the company have to pay in taxes (in $)?
3. What is the company's average tax rate?
Intro A company has $13,500,000 in taxable income. Consider the following corporate marginal tax rates: Tax rate 15% 25% 34% Taxable income ($) 0 50,000...
(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) 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...
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 @...
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...
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...
Given the following information, what is the corporation's federal tax obligation? Use the federal corporate tax structure to answer the questions. Round your answers to the nearest dollar Taxable income: Taxable income: Taxable income: Taxable income: $3,000 $63,000 $1,100,000 $44,000,000 Tax on $3,000: 5 Taxon 563.000:$ Thxon $1,100,000: 5 Taxon 544,000,000 $ Marginal Tax Rate 15% 25 34 Taxable Corporate 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 39 34 35 38 35
The Anberin Co. had $280925 in 2015 taxable income. Use the tax rates from Table 2.3. Calculate the company's average tax rate. TABLE 2.3 Taxable Income Tax Rate Corporate Tax Rates 50,000 75,000 100,000 100,001-335,000 335,001-10,000,000 10,000,001-15,000,000 15,000,001-18,333,333 15% 25 34 39 34 35 38 35 50,001 75,001 18,333,334+
A company has $13,500,000 in taxable income. Consider the
following corporate marginal tax rates:
1. What is the marginal tax rate for the
company?
2. What is the total tax bill for the company, i.e., how
much does the company have to pay in taxes (in $)?
3. What is the company's average tax rate?
Intro A company has $13,500,000 in taxable income. Consider the following corporate marginal tax rates: Tax rate 15% 25% 34% Taxable income ($) 0 50,000...
Most questions answered within 3 hours.
-
An individual who has automobile insurance from a certain
company is randomly selected. Let Y be...
asked 8 seconds from now -
A 3330-kg spacecraft is in a circular orbit 2770 km above the
surface of Mars.
How...
asked 14 seconds ago -
Initial mean=6600 and median = 1500, after 2 data sets removed,
new mean = 1850 and...
asked 1 minute ago -
The outcome X of an experiment has only two possible values, X=4
and X=5. Given that...
asked 1 minute ago -
When UV light of wavelength 288 nm falls on a metal surface, the
maximum kinetic energy...
asked 11 minutes ago -
Your company has just brought in a new line of products... And
they are pieces of...
asked 15 minutes ago -
in three paragraphs or more discuss the role of the U.S.
Children’s Bureau in dealing with...
asked 14 minutes ago -
Place the following salts in order of increasing water
solubility:
i. Fe(OH)2 Ksp = 7.9 ×...
asked 17 minutes ago -
If inflation is increasing at 2.6 percent per year, and your
salary increases at the same...
asked 18 minutes ago -
An aspirin dose of 5.0mg per kg of body weight has been
prescribed to reduce the...
asked 24 minutes ago -
The AASB Conceptual Framework (2.12-2.19) refers to ‘faithful
representation’ as being necessary for financial information to...
asked 29 minutes ago -
A U.S. corporation with net receivables in euro could hedge by
_________________.
A. buying euro forward...
asked 31 minutes ago