Hunt Taxidermy Inc i concerned about tax paid | ||||||
by the Company in 2018 | ||||||
Taxable Income $ | 1,26,00,000 | |||||
Also firm received $1255000 of Interest on State issued Bond - As per tax, this received | ||||||
is NOT taxbale | ||||||
Also received $740,000 dividend on common stock , so in this case only | ||||||
30% of dividend Inconme will be taxbale and rest (70%) NOT taxable | ||||||
so taxable amount $ = 30%*$740,000= $222000 | ||||||
So Total taxable Inome as per above discussion | ||||||
Taxable Income $ | 1,26,00,000 | |||||
Add-30% of dividend Income $ | 2,22,000 | |||||
Total Taxable Income $-B | 1,28,22,000 | |||||
Tax calculation as below | ||||||
As per Tax slab mentioned in the Question | ||||||
It is appearing $10,000,001-$15000000 | ||||||
Pay amount on Base Income - $ 3400,000 | ||||||
Plus this percentage on anything over the Base== 35% | ||||||
`Tax liability | Amnt($) | |||||
Base amount | 34,00,000 | |||||
Additional 35% on over base | ||||||
35%*(12822000-10000001) | 987699.65 | |||||
`Tax liability Total- A | 43,87,700 | |||||
Average tax rate (A/B) | 34% | |||||
($4387700/$12822000) |
Also same rate 35% will be margin Tax rate - applicable relates to |
Maximum earned Income block |
the table its referencing Problem 2-8 Corporate Taxes (LG2-3) Hunt Taxidermy, Inc. is concerned about the...
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...
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...
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...
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...
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...
Inc. is concerned about the taxes paid by the company in 2018. In addition to $4.3 million of taxable income, the firnm received $304,000 of interest on state-issued bonds and $140,000 of dividends on common stock it owns in Oakdale Fashions, Inc (Use Iable23) 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 average tax rate. (Round your answer to 2 decimal places.) tax rate...
(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...
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...