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 70% dividend exclusion for tax on dividends. a. $20,000 b. $23,096 c. $23,810 d. $19,286 e. $24,048
Homework Answers
| Item | Amount($) |
| Income from its operations | 90000 |
| Interest | 5000 |
| Dividend ( 30000- 70% of 30000 ) | 9000 |
| Total Income | 104000 |
| Applicable Tax Bracket | $100000 to $ 335000 |
| Tax Calculations | |
| Upto $100000 | 22250 |
| Excess from $100000 | 1560 ( 4000*39% ) |
| Tax Amount | 23810 |
Correct answer is option C ) $23,810
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Corporations face the following tax schedule: Taxable Income Tax
on Base of Bracket Percentage on Excess...
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...
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 2.1 Corporate Tax Rate Schedule + + + + Range of taxable income 0 to...
TABLE 2.1 Corporate Tax Rate Schedule + + + + Range of taxable income 0 to $ 50,000 50,000 to 75,000 75,000 to 100,000 100,000 to 335,000 335,000 to 10,000,000 10,000,000 to 15,000,000 15,000,000 to 18,333,333 Over 18,333,333 Base tax $ 0 7,500 13,750 22,250 113,900 3,400,000 5,150,000 6,416,667 Tax calculation (Marginal rate X amount over base bracket) (15% X amount over $ 0) (25 X amount over 50,000) (34 X amount over 75,000 amount over 100,000) amount over 335,000)...
inwasted this question for a wrong answer can someone give me the correct answers please. updated...
inwasted this question for a wrong answer can someone give me the
correct answers please.
updated information
this is the only info provided on this exercise the chart is for
(a) and (b). nothing for (c) just show to resolve.
Exercise 17-26 (Algorithmic) (LO. 3) Compute the income tax liability for each of the following unrelated calendar year C corporations. Click here to access the tax table to use for part (a) and (b) of this problem. a. In 2017,...
"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 +...
If a corporation’s taxable income is It pays that amount on the base of the bracket...
If a corporation’s taxable income is It pays that amount on the base of the bracket Plus this percentage on the excess over the base Average tax rate at 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 5,150,000 38 35.0 Over 18,333,333 6,416,667 35 35.0 1. ABC Inc. 2018 sales are $1,100,000. Operating costs (excluding depreciation) are 70%...
Lintner Beverage Corp. reported the following information from their financial Operating income (EBIT) S20,000,000 Interest payments...
Lintner Beverage Corp. reported the following information from their financial Operating income (EBIT) S20,000,000 Interest payments on long-term debt S1,750,000 Dividend income $1,000,000 Calculate Lintner's total tax liability using the corporate tax schedule below Tax on Base Percentage on of Bracket Exss above Base SO-$50,000 S50,000-$75,000 S75,000-$100,000 S100,000-$335,000 S335,000-$10,000,000 S10,000,000-$15,000,000 S15,000,000-$18,333,333 Over S18,333,333 $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 S6,167,875 S6,492,500 S6,817,125 S7,157,982 S7,515,881
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...
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...
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...
TABLE 2.1 Corporate Tax Rate Schedule + + + + Range of taxable income 0 to $ 50,000 50,000 to 75,000 75,000 to 100,000 100,000 to 335,000 335,000 to 10,000,000 10,000,000 to 15,000,000 15,000,000 to 18,333,333 Over 18,333,333 Base tax $ 0 7,500 13,750 22,250 113,900 3,400,000 5,150,000 6,416,667 Tax calculation (Marginal rate X amount over base bracket) (15% X amount over $ 0) (25 X amount over 50,000) (34 X amount over 75,000 amount over 100,000) amount over 335,000)...
inwasted this question for a wrong answer can someone give me the
correct answers please.
updated information
this is the only info provided on this exercise the chart is for
(a) and (b). nothing for (c) just show to resolve.
Exercise 17-26 (Algorithmic) (LO. 3) Compute the income tax liability for each of the following unrelated calendar year C corporations. Click here to access the tax table to use for part (a) and (b) of this problem. a. In 2017,...
"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 +...
Lintner Beverage Corp. reported the following information from their financial Operating income (EBIT) S20,000,000 Interest payments on long-term debt S1,750,000 Dividend income $1,000,000 Calculate Lintner's total tax liability using the corporate tax schedule below Tax on Base Percentage on of Bracket Exss above Base SO-$50,000 S50,000-$75,000 S75,000-$100,000 S100,000-$335,000 S335,000-$10,000,000 S10,000,000-$15,000,000 S15,000,000-$18,333,333 Over S18,333,333 $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 S6,167,875 S6,492,500 S6,817,125 S7,157,982 S7,515,881
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...
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...
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