Homework Answers
| Pre tax earnings | Tax | After tax earnings | Average tax rates |
| 10000 | 1500 | 8500 | 15.00% |
| 80000 | 15450 | 64550 | 19.31% |
| 300000 | 100250 | 199750 | 33.42% |
| 500000 | 170000 | 330000 | 34.00% |
| 1500000 | 510000 | 990000 | 34.00% |
| 10000000 | 3400000 | 6600000 | 34.00% |
| 20000000 | 7000000 | 13000000 | 35.00% |
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TABLE 2.1 Corporate Tax Rate Schedule + + + + Range of taxable income 0 to...
Using the corporate tax rate table, calculate the taxable amount if a corporation's taxable income is...
Using the corporate tax rate table, calculate the taxable amount if a corporation's taxable income is 16,000,000 It Pays This Plus This Percentage Average Tax If a Corporation's Amount on the on the Excess over the Rate at Taxable income is Base of the Bracket Base (Marginal Rate) Top of Bracket Up to $50,000 $ 0 15% 15.0% $50,000-$75,000 7,500 25 18.3 $75,000-$100,000 13,750 34 22.3 $100,000-$335,000 22,250 39 34.0 $335,000-$10,000,000 113,900 34 34.0 $10,000,000 $15,000,000 3,400,000 35 34.3 $15,000,000-$18,333,333...
QUESTION 32 Using the corporate tax rate table, calculate the taxable amount if a corporation's taxable...
QUESTION 32 Using the corporate tax rate table, calculate the taxable amount if a corporation's taxable income is 83,000 It Pays This Plus This Percentage Average Tax If a Corporation's Amount on the on the Excess over the Rate at Taxable income is Base of the Bracket Base (Marginal Rate) Top of Bracket Up to $50,000 $ 0 15% 15.0% $50,000-$75,000 7,500 25 183 $75,000-$100,000 13,750 34 22.3 $100,000-$335,000 22,250 39 34.0 $335,000-$10,000,000 113,900 34 34.0 $10,000,000-$15,000,000 3,400,000 35 34.3...
"Florida Citrus Inc. (FCI) estimates its taxable income at $7,100,000. Use the Corporate Tax Schedule, Table...
"Florida Citrus Inc. (FCI) estimates its taxable income at
$7,100,000. Use the Corporate Tax Schedule, Table 9.12, to
calculate how much FCI will pay in federal income taxes."
TABLE 9·12 Corporate Tax Schedule for 2015 Taxable Income (X) $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 18,333,334 and up Tax Rate 15% 25% 34% 34% + 5% 34% 35% 35% + 3% 35% Tax Computation Formula $0 + 0.15X 7,500 + 0.25(X - $50,000) 13,750 + 0.34(X - 75,000) 22,250 +...
Corporations face the following tax schedule: Taxable Income Tax on Base of Bracket Percentage on Excess...
Corporations face the following tax schedule: Taxable Income Tax on Base of Bracket Percentage on Excess above Base Up to $50,000 $0 15% $50,000-$75,000 7,500 25 $75,000-$100,000 13,750 34 $100,000-$335,000 22,250 39 $335,000-$10,000,000 113,900 34 $10,000,000-$15,000,000 3,400,000 35 $15,000,000-$18,333,333 5,150,000 38 Over $18,333,333 6,416,667 35 Company Z has $90,000 of taxable income from its operations, $5,000 of interest income, and $30,000 of dividend income from preferred stock it holds in other corporations. What is Company Z’s tax liability? Assume a...
P2-1 Corporate taxes Tantor Supply, Inc., is a small corporation acting as the exclusive distributor of...
P2-1 Corporate taxes Tantor Supply, Inc., is a small corporation acting as the exclusive distributor of a major line of sporting goods. During 2013, the firm earned $92,500 before taxes. Calculate the firm's tax liability using the corporate tax rate schedule given in Table 2.1. How much are Tantor Supply's 2013 after-tax earnings? What was the firm's average tax rate, based on your findings in part a? What was the firm's marginal tax rate, based on your findings in part...
tax rate schedule , i cant figure it out MACRS depreciation expense and accounting cash flow...
tax rate schedule , i cant figure it out
MACRS depreciation expense and accounting cash flow Pavlovich Instruments, Inc., a maker of precision telescopes, expects to report pretax income of $430,000 this year. The company's financial manager is considering the timing of a purchase of new computerized lens grinders. The grinders will have an installed cost of $82,900 and a cost recovery period of 5 years. They will be depreciated using the MACRS schedule Corporate tax rates are given i...
The Talley Corporation had a taxable income of $320000 from operations after all operating costs but...
The
Talley Corporation had a taxable income of $320000 from operations
after all operating costs but before (1) interest charges of
$64000, (2) dividends received of $9600 (3) dividends paid of
$16000 and (4) income taxes.
What are the firms income tax liabilitu and its after tax
income?
Income tax liability
After tax libility
What are the companys marginal and average tax rates on
taxable income?
Marginal tax rate %
Average tax rate %
TABLE 2-1 Corporate Tax Rates as...
Please help on this finance! Griffey Communications recently realized $122,500 in operating income. The company had...
Please help on this finance! Griffey Communications recently realized $122,500 in operating income. The company had interest income of $25,000 and realized $70,000 in dividend income. The company's interest expense was $40,000. Using the corporate tax schedule below, what is Griffey's tax liability? Taxable Income Tax on Base of Bracket Percentage on Excess above Base Up to $50,000 $0 15% $50,000-$75,000 7,500 25 $75,000-$100,000 13,750 34 $100,000-$335,000 22,250 39 $335,000-$10,000,000 113,900 34 $10,000,000-$15,000,000 3,400,000 35 ...
table 2.3 Corporate Tax Rates as of 2015 Pay this Amount on Base Income Plus this...
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 Dakota Corporation had a 2015 taxable income of $30,500,000 from operations after all operating costs...
The Dakota Corporation had a 2015 taxable income of $30,500,000 from operations after all operating costs but before (1) interest charges of $8,300,000, (2) dividends received of $730,000, (3) dividends paid of $5,150,000, and (4) income taxes. a. Use the tax schedule in Table 2.3 to calculate Dakota's income tax liability. (Round your answer to the nearest dollar amount.) Income tax liability | $ 8,542,500 b. What are Dakota's average and marginal tax rates on taxable income? (Round your answers...
Using the corporate tax rate table, calculate the taxable amount if a corporation's taxable income is 16,000,000 It Pays This Plus This Percentage Average Tax If a Corporation's Amount on the on the Excess over the Rate at Taxable income is Base of the Bracket Base (Marginal Rate) Top of Bracket Up to $50,000 $ 0 15% 15.0% $50,000-$75,000 7,500 25 18.3 $75,000-$100,000 13,750 34 22.3 $100,000-$335,000 22,250 39 34.0 $335,000-$10,000,000 113,900 34 34.0 $10,000,000 $15,000,000 3,400,000 35 34.3 $15,000,000-$18,333,333...
QUESTION 32 Using the corporate tax rate table, calculate the taxable amount if a corporation's taxable income is 83,000 It Pays This Plus This Percentage Average Tax If a Corporation's Amount on the on the Excess over the Rate at Taxable income is Base of the Bracket Base (Marginal Rate) Top of Bracket Up to $50,000 $ 0 15% 15.0% $50,000-$75,000 7,500 25 183 $75,000-$100,000 13,750 34 22.3 $100,000-$335,000 22,250 39 34.0 $335,000-$10,000,000 113,900 34 34.0 $10,000,000-$15,000,000 3,400,000 35 34.3...
"Florida Citrus Inc. (FCI) estimates its taxable income at
$7,100,000. Use the Corporate Tax Schedule, Table 9.12, to
calculate how much FCI will pay in federal income taxes."
TABLE 9·12 Corporate Tax Schedule for 2015 Taxable Income (X) $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 18,333,334 and up Tax Rate 15% 25% 34% 34% + 5% 34% 35% 35% + 3% 35% Tax Computation Formula $0 + 0.15X 7,500 + 0.25(X - $50,000) 13,750 + 0.34(X - 75,000) 22,250 +...
P2-1 Corporate taxes Tantor Supply, Inc., is a small corporation acting as the exclusive distributor of a major line of sporting goods. During 2013, the firm earned $92,500 before taxes. Calculate the firm's tax liability using the corporate tax rate schedule given in Table 2.1. How much are Tantor Supply's 2013 after-tax earnings? What was the firm's average tax rate, based on your findings in part a? What was the firm's marginal tax rate, based on your findings in part...
tax rate schedule , i cant figure it out
MACRS depreciation expense and accounting cash flow Pavlovich Instruments, Inc., a maker of precision telescopes, expects to report pretax income of $430,000 this year. The company's financial manager is considering the timing of a purchase of new computerized lens grinders. The grinders will have an installed cost of $82,900 and a cost recovery period of 5 years. They will be depreciated using the MACRS schedule Corporate tax rates are given i...
The
Talley Corporation had a taxable income of $320000 from operations
after all operating costs but before (1) interest charges of
$64000, (2) dividends received of $9600 (3) dividends paid of
$16000 and (4) income taxes.
What are the firms income tax liabilitu and its after tax
income?
Income tax liability
After tax libility
What are the companys marginal and average tax rates on
taxable income?
Marginal tax rate %
Average tax rate %
TABLE 2-1 Corporate Tax Rates as...
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 Dakota Corporation had a 2015 taxable income of $30,500,000 from operations after all operating costs but before (1) interest charges of $8,300,000, (2) dividends received of $730,000, (3) dividends paid of $5,150,000, and (4) income taxes. a. Use the tax schedule in Table 2.3 to calculate Dakota's income tax liability. (Round your answer to the nearest dollar amount.) Income tax liability | $ 8,542,500 b. What are Dakota's average and marginal tax rates on taxable income? (Round your answers...
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