Homework Answers
1) Solution: 21%
Explanation: According to Tax Cuts and Jobs Act of 2017 the corporate tax rate has from 35% to the flat rate of 21%.
2) Solution: S corp.
Explanation: S corp. are exempted to corporate tax; and income and expenses are passed through its shareholders
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The highest tax rate for corporations for 2018 is: O 21%. 34% O O 38% 39%...
Schedule J. O Schedule C. Schedule B. Mark for follow up Question 2 of 50. Which...
Schedule J. O Schedule C. Schedule B. Mark for follow up Question 2 of 50. Which of the following statements regarding C corporations is false? C corporations are generally not subject to corporate income tax. O c corporations are entities that are separate from their owners for tax purposes. O Shareholders of a C corporation have limited liability. Shareholders of a C corporation are taxed only when the corporation distributes earnings Mark for follow up Question 3 of 50. The...
C corporations are not pass through entities like S corporations or LLC's. C corporations are subject...
C corporations are not pass through entities like S corporations or LLC's. C corporations are subject to the double taxation concept on corporate earnings. This is where corporate earnings are taxed at both the entity level and a second time when the earnings are distributed to shareholders in the form of dividends. Let's discuss this double taxation for a moment and put some numbers to it. Let's say that a C corporation has $1,000,000 in taxable income. Under the new...
21 The Board of Directors of Microsoft, a corporation, voted to distribute after tax profits of t...
21 The Board of Directors of Microsoft, a corporation, voted to distribute after tax profits of the corporation to its shareholders. This type of distribution is: a. a merger b. derivative C. d. a dividend a quorunm 22. Officers and directors of a corporation owe to the corporation and its shareholders, both the Duty of Loyalty, and the Duty of Care. Which of the following actions may constitute a violation of the Duty of Loyalty a.self-Dealing with the corporation b....
Piercing the Corporate Veil Many business owners choose corporations as their business form because they want...
Piercing the Corporate Veil Many business owners choose corporations as their business form because they want to enjoy the limited personal liability corporate status offers. Because a corporation is considered a separate entity, shareholders enjoy limited personal liability from the debts of the corporation. However, in some cases, courts will deny limited liability to a corporation that would normally have de jure or de facto status because shareholders have used the corporation to engage in illegal or wrongful acts. In...
TABLE 2.3 ax Rate 15% 25 34 39 34 35 38 35 Taxable Income Corporate Tax...
TABLE 2.3 ax Rate 15% 25 34 39 34 35 38 35 Taxable Income Corporate Tax Rates $0 50,00 50001- 75,000 75,001- 100,000 100,001- 335,00 335,001-10,000,000 10,000,001-15,000,000 15,000001-18,33,333 8,333334+ Based on the table above: The Anberin Co. had $191273 in 2015 taxable income. Use the tax rates from Table 2.3. Calculate the company's 2015 income taxes.
I need dividends income tax for sasha to complete this question in part b. Problem 3-31...
I need dividends income tax for sasha to complete this
question in part b.
Problem 3-31 (LO. 1) In the current year, Azure Company has $350.000 of net operating income before deducting any compensation or other payment to its sole owner, Sasha. In addition, Arure has interest on municipal bonds of $25,000. Sasha has significant income from other sources and is in the 37% marginal tax bracket Based on this information, determine the income tax consequences to Azure Company and...
3. Matching: Match these characteristics to their business form(s)/structure(s). Write the corresponding uppercase letter or letters...
3. Matching: Match these characteristics to their business form(s)/structure(s). Write the corresponding uppercase letter or letters on the line(s). The number of blanks correspond to the number of letters that apply to that characteristic, use only one letter per blank (1 points per blank- 25 total) Owned by a singled individual Owned by two or more people (not called A. Sole Proprietorship B. General Partnership C. C Corporation D. S Corporation a. shareholders) Owned by shareholders _Proprietors) has full liability...
Which of the following statements is CORRECT? a. Relative to sole proprietorships, corporations generally face fewer...
Which of the following statements is CORRECT? a. Relative to sole proprietorships, corporations generally face fewer regulations, and they also find it easier to raise capital. Stockholders should generally be happier than bondholders to have managers invest in risky projects with high potential returns as opposed to safe projects with lower expected returns. There is no good reason to expect a firm's stockholders and bondholders to react differently to the types of assets in which it C. invests. Bondholders should...
Samantha is a single individual with no dependents. In 2018, she had total income of $162,000,...
Samantha is a single individual with no dependents. In 2018, she had total income of $162,000, of which $9,500 is from municipal bond interest. She has FOR AGI deductions of $12,000, itemized deductions of $9,800 and tax credits of $1,200. She also made estimated tax payments of $25,000. (Hint: Refer to the tax formula for individuals in “Helpful Formulas from the Book” PDF.) Compute Samantha’s taxable income for 2018. Compute Samantha’s tax due for 2018. Assume that Samantha is a C...
Please answer the following questions as either TRUE or FALSE: a. Stock Options rarely include a...
Please answer the following questions as either TRUE or FALSE: a. Stock Options rarely include a vesting period. b. Restricted stock units have no voting rights. c. A §83(b) election let’s you decide at the start of your vesting agreement to be taxed for the entire present value of the restricted stock granted. d. Incentive stock options (“ISOs”) can be granted to employees. e. Non-qualified stock options (“NSOs”) can be granted to anyone, including employees, consultants and directors. f. Ordinary...
Schedule J. O Schedule C. Schedule B. Mark for follow up Question 2 of 50. Which of the following statements regarding C corporations is false? C corporations are generally not subject to corporate income tax. O c corporations are entities that are separate from their owners for tax purposes. O Shareholders of a C corporation have limited liability. Shareholders of a C corporation are taxed only when the corporation distributes earnings Mark for follow up Question 3 of 50. The...
21 The Board of Directors of Microsoft, a corporation, voted to distribute after tax profits of the corporation to its shareholders. This type of distribution is: a. a merger b. derivative C. d. a dividend a quorunm 22. Officers and directors of a corporation owe to the corporation and its shareholders, both the Duty of Loyalty, and the Duty of Care. Which of the following actions may constitute a violation of the Duty of Loyalty a.self-Dealing with the corporation b....
TABLE 2.3 ax Rate 15% 25 34 39 34 35 38 35 Taxable Income Corporate Tax Rates $0 50,00 50001- 75,000 75,001- 100,000 100,001- 335,00 335,001-10,000,000 10,000,001-15,000,000 15,000001-18,33,333 8,333334+ Based on the table above: The Anberin Co. had $191273 in 2015 taxable income. Use the tax rates from Table 2.3. Calculate the company's 2015 income taxes.
I need dividends income tax for sasha to complete this
question in part b.
Problem 3-31 (LO. 1) In the current year, Azure Company has $350.000 of net operating income before deducting any compensation or other payment to its sole owner, Sasha. In addition, Arure has interest on municipal bonds of $25,000. Sasha has significant income from other sources and is in the 37% marginal tax bracket Based on this information, determine the income tax consequences to Azure Company and...
3. Matching: Match these characteristics to their business form(s)/structure(s). Write the corresponding uppercase letter or letters on the line(s). The number of blanks correspond to the number of letters that apply to that characteristic, use only one letter per blank (1 points per blank- 25 total) Owned by a singled individual Owned by two or more people (not called A. Sole Proprietorship B. General Partnership C. C Corporation D. S Corporation a. shareholders) Owned by shareholders _Proprietors) has full liability...
Which of the following statements is CORRECT? a. Relative to sole proprietorships, corporations generally face fewer regulations, and they also find it easier to raise capital. Stockholders should generally be happier than bondholders to have managers invest in risky projects with high potential returns as opposed to safe projects with lower expected returns. There is no good reason to expect a firm's stockholders and bondholders to react differently to the types of assets in which it C. invests. Bondholders should...
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