Homework Answers
Swimmy Inc had
Taxable Income in 2018= $ 400,000
As per slab given above for taxable income $ 400,000 fall in slab of $ 335,000- $ 10,000,000 thus
income tax would be : $ 113,900
Marginal tax rate would be : 34%
And Average tax = $113900/400000= 28.48%
Therefore answer would be (b): $ 113900, 28.48%, 34%
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Swimmy, Inc. had $400,000 in 2018 taxable income. Using the tax schedule from Table 2.3, what...
the answers must be as a formula Oakdale Fashions, Inc., had $315,000 in 2015 taxable income....
the answers must be as a formula
Oakdale Fashions, Inc., had $315,000 in 2015 taxable income. Use the tax schedule in Table 2.3 to calculate the company's 2015 income taxes. What is the average tax rate? (Round your answer to 2 decimal places.) What is the marginal tax rate? Taxable income $ 315,000 table 2.3 Corporate Tax Rates as of 2015 25% Plus this Percentage Taxable Income (Bottom of Taxable income Pay this Amount on Anything Over the Bracket) (Top...
Hunt Taxidermy, Inc. is concerned about the taxes paid by the company in 2018. In addition...
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...
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...
"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 +...
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...
The Anberin Co. had $280925 in 2015 taxable income. Use the tax rates from Table 2.3....
The Anberin Co. had $280925 in 2015 taxable income. Use the tax rates from Table 2.3. Calculate the company's average tax rate. TABLE 2.3 Taxable Income Tax Rate Corporate Tax Rates 50,000 75,000 100,000 100,001-335,000 335,001-10,000,000 10,000,001-15,000,000 15,000,001-18,333,333 15% 25 34 39 34 35 38 35 50,001 75,001 18,333,334+
The Anberlin Co. had $272194 in 2015 taxable income. Use the tax rates from Table 2.3....
The Anberlin Co. had $272194 in 2015 taxable income. Use the tax rates from Table 2.3. Calculate the company’s marginal tax rate. Taxable Income Tax rate $0-50,000 15% 50,001-75,000 25% 75,001-100,000 34% 100,001-335,000 39% 335,001-10,000,000 34% 10,000,001-15,000,000 35% 15,000,001-18,333,333 38% 18,333,334 + 35%
Inc. is concerned about the taxes paid by the company in 2018. In addition to $4.3...
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...
Hunt Taxidermy, Inc. is concerned about the taxes paid by the company in 2018. In addition...
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...
Corporate Tax Rates as of 2015 (Table 2.3 of textbook) Taxable Income Pay this amount on...
Corporate Tax Rates as of 2015 (Table 2.3 of textbook) Taxable Income Pay this amount on base income Plus this percentage on anything over the base $0 – $50,000 $0 15% $50,001 – $75,000 $7,500 25% $75,001 – $100,000 $13,750 34% $100,001 – $335,000 $22,250 39% $335,001 – $10,000,000 $113,900 34% $10,000,001 – $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% Greatland, Inc. had $284,000 in 2015 taxable income. Using the tax schedule from Table 2.3,...
the answers must be as a formula
Oakdale Fashions, Inc., had $315,000 in 2015 taxable income. Use the tax schedule in Table 2.3 to calculate the company's 2015 income taxes. What is the average tax rate? (Round your answer to 2 decimal places.) What is the marginal tax rate? Taxable income $ 315,000 table 2.3 Corporate Tax Rates as of 2015 25% Plus this Percentage Taxable Income (Bottom of Taxable income Pay this Amount on Anything Over the Bracket) (Top...
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...
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...
"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 +...
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...
The Anberin Co. had $280925 in 2015 taxable income. Use the tax rates from Table 2.3. Calculate the company's average tax rate. TABLE 2.3 Taxable Income Tax Rate Corporate Tax Rates 50,000 75,000 100,000 100,001-335,000 335,001-10,000,000 10,000,001-15,000,000 15,000,001-18,333,333 15% 25 34 39 34 35 38 35 50,001 75,001 18,333,334+
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...
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...
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