Homework Answers
| Income after operating costs: | $ 320,000.00 | |
| Less: Interest Expense | $ (64,000.00) | |
| Add : Taxable Dividends Received(Only 30% of the $9600 )in dividends are taxable. | $ 2,880.00 | |
| Taxable Income | $ 258,880.00 | |
| $258,880 falls into the $100,000 to $335,000 bracket so the corporate tax woud be: $22,250 + .39 x ($258,880 - $100,000) | $ 84,213.20 | |
| Income tax Liability | $ 84,213.20 | a) |
| After Tax Liability = $258,880 - 84,213.20 | $ 174,666.80 | b) |
| Marginal tax rate (rate on the last dollar of income subject to tax) | 39% | c) |
| Average tax rate = Tax Liability / Amount of Income Subject to Tax = 84213.20/258,880 | 32.53% | d) |
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Enter your answer in dollars. For example, an answer of $1.2
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To complete the assignments listed below, refer to the Table
2-1.
The Wendt Corporation had $10.5 million of taxable income.
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Enter your answer in dollars. For example, an answer of $1.2
million should be entered as 1,200,000.
$
Assume the firm receives an additional $2.25 million of
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