1. computation of Hunt Taxidermy inc tax liability:
a. interest on state issued bonds are exempted from taxes
b. dividend will be taxed to 30%
so,
Income given $4,300,000
dividend income $140,000 X 30%= $42,000
Taxable income= 4300000+42000= $4,342,000
Tax Liability from the rates given:
113,900+ 34%(4,342,000-335001)= 113,900+1,362,380 = $1,476,280
2. Average tax rate:
Total tax/ total taxable income*100 = 1476280/4342000*100 = 34%
Inc. is concerned about the taxes paid by the company in 2018. In addition to $4.3...
Hunt Taxidermy, Inc. is concerned about the taxes paid by the company in 2018. In addition to $14.2 million of taxable income, the firm received $1,560,000 of interest on state-issued bonds and $1,210,000 of dividends on common stock it owns in Oakdale Fashions, Inc. (Use Table 2.3.) table 2.3 Corporate Tax Rates as of 2015 Taxable income Pay this Amount on Base Income Plus this Percentage on Anything Over the Base 15% 25 34 39 $0-$50,000 $50,001-$75,000 $75,001-$100,000 $100,001-$335,000 $335,001-$10,000,000...
Hunt Taxidermy, Inc. is concerned about the taxes paid by the company in 2018. In addition to $7.5 million of taxable income, the firm received $614,000 of interest on state-issued bonds and $340,000 of dividends on common stock it owns in Oakdale Fashions, Inc. (Use Table 2.3.) Calculate Tax Liability: Calculate the Average Tax Rate: Calculate Marginal Tax Rate: Plus this Percentage on Anything Over the Base table 2.3 Corporate Tax Rates as of 2015 Pay this Amount Taxable income...
Hunt Taxidermy, Inc. is concerned about the taxes paid by the company in 2018. In addition to $12.7 million of taxable income, the firm received $1,260,000 of interest on state-issued bonds and $1,000,000 of dividends on common stock it owns in Oakdale Fashions, Inc. (Use Table 2.3.) Calculate Hunt Taxidermy's tax liability. (Enter your answer in dollars not in millions. Round your answer to the nearest dollar amount.) Answer is complete and correct. Tax liability |$ 4.450.000 Calculate Hunt Taxidermy's...
Just need to know the average tax rate Hunt Taxidermy, Inc. is concerned about the taxes paid by the company in 2018. In addition to $12 7 million of taxable income, the firm received $1,260,000 of interest on state-issued bonds and $1,000,000 of dividends on common stock it owns in Oakdale Fashions, Inc. (Use Table 2.3) Calculate Hunt Taxidermy's tax liability. (Enter your answer in dollars not in millions. Round your answer to the nearest dollar amount) Tax labilityS 4450,000...
Just need to know the average tax rate in 2018. In addition to $4.3 million of taxable income, the firm Hunt Taxidermy, Inc. is concerned about the taxes paid by the company received $304,000 of interest on state-issued bonds and $140,000 of dividends on common stock it owns in Oakdale F (Use Table 23) ashions, Inc. Calculate Hunt Taxidermy's tax liability. (Enter your answer in dollars not in millions. Round your answer to the nearest dollar amount) S 1,476 Calculate...
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...
the table its referencing Problem 2-8 Corporate Taxes (LG2-3) Hunt Taxidermy, Inc. is concerned about the taxes paid by the company in 2018. In addition to $12.6 million of taxable income the firm received $1,255,000 of interest on state-issued bonds and $740,000 of dividends on common stock it owns in Oakdale Fashions, Inc. (Use Table 23.) Calculate Hunt Taxidermy's tax liability. (Enter your answer in dollars not in millions. Round your answer to the nearest dollar amount.) Calculate Hunt Taxidermy's...
regardless of the chart saying 2015 it still has to be used Help Hunt Taxidermy, Inc. is concerned about the taxes paid by the company in 2018. In addition to $12.6 million of taxable income, the firm received $1,255,000 of interest on state-issued bonds and $740,000 of dividends on common stock it owns in Oakdale Fashions, Inc. (Use Table 2.3.) Calculate Hunt Taxidermy's tax liability. (Enter your answer in dollars not in millions. Round your answer to the nearest dollar...
(regardless of the chart year difference, this was the info that was given to me, so the chart is made for the problem) Help Hunt Taxidermy, Inc. is concerned about the taxes paid by the company in 2018. In addition to $12.6 million of taxable income, the firm received $1,255,000 of interest on state-issued bonds and $740,000 of dividends on common stock it owns in Oakdale Fashions, Inc. (Use Table 2.3.) Calculate Hunt Taxidermy's tax liability. (Enter your answer in...
Just need to know what I’m doing wrong with finding the average tax rate Hunt Taxidermy, Inc. is concerned about the taxes paid by the company in 2018. In addition to $12.7 million of taxable income, the firm received $1260,000 of interest on state-issued bonds and $1,000,000 of dividends on common stock it owns in Oakdale Fashions, Inc. (Use Table 2.3) Calculate Hunt Taxidermy's tax liability. (Enter your answer in dollars not in millions. Round your answer to the nearest...