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Hallick Inc. has a fiscal year ending June 30. Taxable income is $6,000,000 for its year...

Hallick Inc. has a fiscal year ending June 30. Taxable income is $6,000,000 for its year ended June 30, 2018, and it projects similar taxable income for its 2019 fiscal year. Compute Hallick’s regular tax liability for its June 30, 2018 tax year. Compute Hallick's projected regular tax liability for its June 30, 2019 tax year.

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Answer #1

Fiscal year ending 18-19

Federal $2181250

FICA $147161

State $506157

Local $232125

Total tax $3066693

Income after tax $2933307

Fiscal year 19-20

Gross income $6000000

Taxable income $5987800

Federal tax $2180574

FICA $147440

Total tax $2328013

Take home $3671987

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