Homework Answers
Sales - $4.3 million
Gross profit - $1,060,000
Operating expenses - $496,000
Depreciation expenses - $357,000
Dividend Income - $10,000
Taxable Income = (Gross Profit - Operating Expenses - Depreciation Expenses) + Dividend Income
= ($1,060,000 - $496,000 - $357,000) + $10,000 = $217,000
If the company receiving the dividend owns more than 80% of the dividend paying entity, then Dividend Received Deduction (DRD) allowed is 100%.
Taxable income after DRD = Taxable income - 100% of Dividend = $217,000 -$10,000 = $207,000
Tax upto $50,000 = $50,000 * 15% = $7,500
Tax from $50,001 to $75,000 @25% = $6,250
Tax from $75,001 to $100,000 @34% = $8,500
Tax from $100,001 to $207,000 @39% = $41,730
Corporation's tax liability = $7,500 + $6,250 + $8,500 + $41,730 = $63,980
Average tax rate = Tax Liability/Taxable Income = $63,980/$207,000 = 30.91%
Marginal tax rate = 39%
Hulett's tax liability for the year is $63,980
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0 Data Table t dolla Taxable income $0 - $50,000 $50,001 - $75,000 $75,001 - $100,000...
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...
(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...
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...
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) 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 @...
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+
(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...
The SGS Co. had $311,000 in taxable income. Use the rates from Table 2.3. (Do not...
The SGS Co. had $311,000 in taxable income.
Use the rates from Table 2.3. (Do not round intermediate
calculations and round your answer to the nearest whole number,
e.g., 32.)
Calculate the company’s income taxes.
Tax Rate TABLE 2.3 Corporate tax rates Taxable income 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 18,333,334+ 15% 25 34 39 34 35 38 35
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...
(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...
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) 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 @...
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+
(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...
The SGS Co. had $311,000 in taxable income.
Use the rates from Table 2.3. (Do not round intermediate
calculations and round your answer to the nearest whole number,
e.g., 32.)
Calculate the company’s income taxes.
Tax Rate TABLE 2.3 Corporate tax rates Taxable income 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 18,333,334+ 15% 25 34 39 34 35 38 35
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