The SGS Co. had $311,000 in taxable income. Use the rates from Table 2.3. (Do not round intermediate calculations and round your answer to the nearest whole number, e.g., 32.)
Calculate the company’s income taxes.
Company’s income taxes payable
Tax for the first $50,000 = $7,500 [$50,000 x 15%]
Tax for the next $25,000 = $6,250 [$25,000 x 25%]
Tax for the next $25,000 = $8,500 [$25,000 x 34%]
Tax for the next $211,000 = $82,290 [$211,000 x 39%]
Therefore, the Company’s income taxes payable = $7,500 + $6,250 + $8,500 + $82,290
= $104,540
Hence, the Company’s income taxes will be $104,540
The SGS Co. had $311,000 in taxable income. Use the rates from Table 2.3. (Do not...
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