A small company has an annual gross income of $2,750,000 with expenses for the year totaling...
A small company has an annual gross income of $2,750,000 with expenses for the year totaling $1,700,000 and depreciation allowances for the year totaling $250,000. Determine total taxes owed for the year if the firm’s effective tax rate (combined state and federal) is 39.28%
Homework Answers
Net Taxable Income = (Revenue - Expenditure - Depreciation Allowance)
= ($2,750,000-$1,7000,000-$250,000)
= $800,000
Total Taxes Owed = Taxable Income * Tax Rate
= $800,000*0.3928
= $314,240 is the answer to this question on the whole
Add Answer to:
A small company has an annual gross income of $2,750,000 with
expenses for the year totaling...
Aliza Grajek is a self-employed nurse with a 2017 gross income of $66,000 and taxable annual...
Aliza Grajek is a self-employed nurse with a 2017 gross income
of $66,000 and taxable annual income (federal and state) of
$55,000 after adjustments, exemptions, and deductions. Calculate
her total 2017 income tax liability, including federal and FICA
taxes.
Aliza Grajek is a self-employed nurse with a 2017 gross income of $66,000 and taxable annual income (federal and state) of $55,000 after adjustments, exemptions, and deductions. Calculate her total 2017 income tax liability, including federal and FICA taxes. According to...
of a company during a a firm's gross income, expenses, net income, and the income that...
of a company during a a firm's gross income, expenses, net income, and the income that is available for distnibution to its preferred and common principles (GAAP) that match the firm's revenues and expenses to the period in and analysts use the information given in the income statement and other financial statements and reports to evaluate the company's financial performance and condition and taxes (EBIT). 3. The company's tax rate remains constant at 40% of its pre-tax income or earnings...
6) Your company generated $5.78 million in revenue in 2014 and incurred $4.26 million in expenses....
6) Your company generated $5.78 million in revenue in 2014 and incurred $4.26 million in expenses. How much federal taxes did you owe? 7) You purchased a commercial building and land for $305,000 on February 1st, 2016. The land itself was valued at $82,000 when purchased. You sold the land and building for $480,000 on March 27th of 2018. (a) What is the allowable tax depreciation amount for the year 2016? (b) What is the allowable tax depreciation amount for...
Achoices: Total tax liability owed, Adjusted gross income (AGI), Gross income (all income subject to income...
Achoices: Total tax liability owed, Adjusted gross income (AGI),
Gross income (all income subject to income taxes]
Bchoices: Total personal exemptions, (AGI), Adjustments to
(gross) income
Cchoices: Total tax liability owed, Itemized deductions,
(AGI)
Dchoices: Taxable income Total personal exemptions Total tax
liability owed
E: Taxable income (AGI) Other taxes
F: Other taxes Total personal exemptions Tax credits
G: Tax credits Other credits Tax liability owed
H: Taxable income Total tax liability owed Adjestments to
(gross) income
Ch 03: Assignment...
Aliza Grajek is a self-employed nurse with a 2017 gross income of $66,000 and taxable annual...
Aliza Grajek is a self-employed nurse with a 2017 gross income of $66,000 and taxable annual income (federal and state) of $55,000 after adjustments, exemptions, and deductions. Calculate her total 2017 income tax liability, including federal and FICA taxes. According to the IRS tax table, Aliza's federal income tax liability for the 2017 tax year is $nothing. (Round to the nearest cent.) Click the following link for the tax rates and brackets table. LOADING... Assume the amount of taxable income...
If a company has gross income of $18,518,668 and depreciation and expenses of $3,707,113, what is...
If a company has gross income of $18,518,668 and depreciation and expenses of $3,707,113, what is the marginal tax rate? Enter your answer as 12 Do not use a percentage sign ("%") or a decimal point (".").
Building an Income Statement: During the year, the Senbet Discount Tire Company had gross sales of...
Building an Income Statement: During the year, the Senbet Discount Tire Company had gross sales of $865,000. The firm’s cost of goods sold and selling expenses were $455,000 and $210,000, respectively. The company also had notes payable of $680,000. These notes carried an interest rate of 4 percent. Depreciation was $105,000. The tax rate was 21 percent. What was the company’s net income? What was the company’s operating cash flow?
Chris Inc. has accumulated the following information for its second-quarter income statement for 20X2: Sales Cost...
Chris Inc. has accumulated the following information for its second-quarter income statement for 20X2: Sales Cost of goods sold Operating expenses $ 860,000 430,000 240,000 Additional Information 1. First-quarter income before taxes was $110,000, and the estimated effective annual tax rate was 40 percent. At the end of the second quarter, expected annual income is $600,000, and a dividend exclusion of $30,000 and a business tax credit of $15,000 are anticipated. The combined state and federal tax rate is 50...
TEST TH QUESTION 12 Hilinois Company has a monthly gross payroll (paid on the last day...
TEST TH QUESTION 12 Hilinois Company has a monthly gross payroll (paid on the last day of each month) of $172,000, which is subject to unemployment taxes (Federal at 0.8% and State at 5.4%). All earnings are subject to 7.65% FICA tax (combined Social Security and Medicare). Federal Income tax withholdings are 25%, and state income tax withholdings are 8% of total earnings. Assuming no individual employee has reached the maximum limit for Social Security tax or for unemployment tax,...
1. a. gross income b. total tax liability owned c. adjusted gross income 2 a. total...
1. a. gross income
b. total tax liability owned
c. adjusted gross income
2 a. total personal exemptions
b. adjustments to income
c. adjusted gross income (AGI)
3 a. Itemized deductions
b. adjusted gross incomte
c. total tax liability owned
4 a. taxable income
b. total tax liability owned
c. total personal exemptions
5 a. taxable income
b. adjusted gross income
c. other taxes
6 a. other taxes
b. total personal exemptios
c. tax credits
7 a. total tax liability...
Aliza Grajek is a self-employed nurse with a 2017 gross income
of $66,000 and taxable annual income (federal and state) of
$55,000 after adjustments, exemptions, and deductions. Calculate
her total 2017 income tax liability, including federal and FICA
taxes.
Aliza Grajek is a self-employed nurse with a 2017 gross income of $66,000 and taxable annual income (federal and state) of $55,000 after adjustments, exemptions, and deductions. Calculate her total 2017 income tax liability, including federal and FICA taxes. According to...
of a company during a a firm's gross income, expenses, net income, and the income that is available for distnibution to its preferred and common principles (GAAP) that match the firm's revenues and expenses to the period in and analysts use the information given in the income statement and other financial statements and reports to evaluate the company's financial performance and condition and taxes (EBIT). 3. The company's tax rate remains constant at 40% of its pre-tax income or earnings...
6) Your company generated $5.78 million in revenue in 2014 and incurred $4.26 million in expenses. How much federal taxes did you owe? 7) You purchased a commercial building and land for $305,000 on February 1st, 2016. The land itself was valued at $82,000 when purchased. You sold the land and building for $480,000 on March 27th of 2018. (a) What is the allowable tax depreciation amount for the year 2016? (b) What is the allowable tax depreciation amount for...
Achoices: Total tax liability owed, Adjusted gross income (AGI),
Gross income (all income subject to income taxes]
Bchoices: Total personal exemptions, (AGI), Adjustments to
(gross) income
Cchoices: Total tax liability owed, Itemized deductions,
(AGI)
Dchoices: Taxable income Total personal exemptions Total tax
liability owed
E: Taxable income (AGI) Other taxes
F: Other taxes Total personal exemptions Tax credits
G: Tax credits Other credits Tax liability owed
H: Taxable income Total tax liability owed Adjestments to
(gross) income
Ch 03: Assignment...
Chris Inc. has accumulated the following information for its second-quarter income statement for 20X2: Sales Cost of goods sold Operating expenses $ 860,000 430,000 240,000 Additional Information 1. First-quarter income before taxes was $110,000, and the estimated effective annual tax rate was 40 percent. At the end of the second quarter, expected annual income is $600,000, and a dividend exclusion of $30,000 and a business tax credit of $15,000 are anticipated. The combined state and federal tax rate is 50...
TEST TH QUESTION 12 Hilinois Company has a monthly gross payroll (paid on the last day of each month) of $172,000, which is subject to unemployment taxes (Federal at 0.8% and State at 5.4%). All earnings are subject to 7.65% FICA tax (combined Social Security and Medicare). Federal Income tax withholdings are 25%, and state income tax withholdings are 8% of total earnings. Assuming no individual employee has reached the maximum limit for Social Security tax or for unemployment tax,...
1. a. gross income
b. total tax liability owned
c. adjusted gross income
2 a. total personal exemptions
b. adjustments to income
c. adjusted gross income (AGI)
3 a. Itemized deductions
b. adjusted gross incomte
c. total tax liability owned
4 a. taxable income
b. total tax liability owned
c. total personal exemptions
5 a. taxable income
b. adjusted gross income
c. other taxes
6 a. other taxes
b. total personal exemptios
c. tax credits
7 a. total tax liability...
Most questions answered within 3 hours.
-
suppose there is a normally distributed population with a mean of
250 and a standard deviation...
asked 41 minutes ago -
Question Three
Suppose you as project manager are using the Waterfall
development methodology on a large...
asked 1 hour ago -
Which statement is not true about welfare in Canada?
A.Benefits typically vary based on one's ability...
asked 2 hours ago -
Please help me with FLOWCHART and UML diagram for class,
thank you!
#include <iostream>
#include <fstream>...
asked 2 hours ago -
3. Describe the “logic circuit” of the Lac operon. Which
proteins are bound or not to...
asked 2 hours ago -
Ayesha’s adjusted gross income is $60,000 in 2019. She donated a
piece of artwork with a...
asked 3 hours ago -
For Dijkstra’s shortest path algorithm:
a. Give the Big-O time for Dijkstra’s shortest path algorithm
and...
asked 3 hours ago -
Phosphorus violates the 'octet rule' in biological molecules,
forming more covalent bonds than expected based on...
asked 3 hours ago -
A 1.3 eV electron has a 10-4 probability of tunneling
through a 2.4 eV potential barrier....
asked 3 hours ago -
What is the one ingredient that is common to being successful
with all stakeholders?
profit
trust...
asked 3 hours ago -
Write an assembly language 32 bit program that reads in lines of
text by a .txt...
asked 3 hours ago -
what is the density ( in g/L) of hydrogen gas at 29 degrees C and a...
asked 3 hours ago