Effective Tax rate = 33% as the effective tax rates only considers federal taxes.
Before-tax return = After Tax Return / (1 - t)
= 10% / (1 - 0.33) = 14.93%
If the federal income tax rate is 21% and the state tax rate is 7% (and state taxes are deductible from federal taxes), what is the effective income tax rate? Choose the correct answer below. O A. The effective income tax rate is 21% O B. The effective income tax rate is 26.5%. OC. The effective income tax rate is 24.5%. OD. The effective income tax rate is 28%
20. Assume you live in a state with a state income tax. The current Republican tax bill will get rid of the tax deductibility of State and Local Taxes (SALT) when filing your Federal Income Taxes. This means you will no longer be able to deduct amount of the state income tax you pay when you file your federal income taxes. If you invest in a Treasury Bond that pays an annual coupon interest rate of 4% and you are...
Given a federal tax rate = 30 % and a state-tax rate = 7% then for a $1,000 Treasury bond paying 3.5 % interest per year, what is the tax-equivalent yield? 22.
salaries Federal income taxes to be withheld Federal unemployment tax rate (FUTA) State unemployment tax rate (after FUTA deduction) Social security tax rate Medicare tax rate $ 80,000 16,000 0.80% 5.40% 6.29% 1.45% The journal entry to record payroll for the January 2021 pay period should be Debit Credit 25) Panther Co. had a quality assurance warranty liability of $350.000 at the beginning of 2021 and $310.000 at the end of 2021. Warranty expense is based on 4% of sales,...
please answer the question correct Using the following post-2018 tax cut tax rate schedule for Federal and Arkansas State corporate taxes, answer the following for XZY Corporation: a. What is the: (i) Federal marginal tax rate; (ii) Arkansas state marginal tax rate; and (iii) combined Federal and Arkansas state marginal tax rate for an Arkansas corporation that will earn $40,000 in 2018. b. What will the company’s after-tax earnings be after accounting for combined Federal and Arkansas state corporate taxes?...
1. Does your state have an individual income tax? If so, how closely does it conform to the federal tax? Can one deduct the federal tax in computing the state income tax? List some specific ways that the federal and state tax bases differ. What problems, if any, do these differences create in computing your taxes? What additional issues have been created in as a result of Federal Tax reform in 2017. 2. What is the rate structure of your...
2. A developer pays federal income tax at a marginal rate of 27% and state tax of 6%. What is his effective tax rate?
You are considering an MMMF. The fund is taxable and pays 8.5% interest. If your top federal tax bracket is 25% and you live in a state that doesn't impose income taxes, what after-tax return would you realize from this investment? Select one: a. 2.13% b. 7.44% c. 6.38% d. 8.25% O You are considering an MMMF. The fund is taxable and pays 8.5% interest. If your top federal tax bracket is 25% and you live in a state that...
Federal tax for individuals I know this is federal tax but is there anybody that know how to do 2017 tax return ? Do not use 2018 tax rate schedules. Prepare the following for Larry Gold and Wilma Gold, who are married and file a joint return in 2017 o Form 1040-pages 1 and 2 o Schedule B Note: You will not need to prepare their Schedule A and you do not need to fill in the signature section of...
You own 7% of Acme Corporation. Its earnings before taxes are $10,000,000. The corporate tax rate is 33%. The personal tax rate on dividends is 19%. Acme Corporation pays out ll of its earnings as dividends. What are your after-tax earnings on the dividends? Answer to the nearest dollar.