Homework Answers
CALCULATION OF THE TAX PAYABLE FOR THE YEAR 2019.
Net income of the year 2019 = $ 100,000
Less: Adjustment of C/F of loss = ($250,000)
Net Income after adjustment of Losses of last year = ($150,000)
It means there is no taxable income in the year 2019 ,
if there is no taxable income so there is no tax or 0 Tax
Answer = Option A = 0
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first four years of operation were as follows:
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Income
Tax
Rates
Income Taxes
Paid
2017
$
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30
%
$
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88,000
30
26,400
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40
68,000
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40,000
45
18,000
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financial reporting and tax purposes in 2021. The enacted tax rate
is 25%. Taxable income, tax rates, and income taxes paid in Wynn’s
first four years of operation were as follows:
Taxable
Income
Tax
Rates
Income Taxes
Paid
2017
$
78,000
30
%
$
23,400
2018
88,000
30
26,400
2019
170,000
40
68,000
2020
40,000
45
18,000
Required:
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companies, except for property...
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