Tantor Supply, Inc., is a small corporation acting as the exclusive distributor of a major line...
Tantor Supply, Inc., is a small corporation acting as the exclusive distributor of a major line of sporting goods. During
2018 the firm earned $94,900 before taxes.
a. Calculate the firm's tax liability using a flat tax rate of 27%.
b. How much are Tantor Supply's 2018 after-tax earnings?
a. The firm's tax liability is $ ? (Round to the nearest dollar.)
Homework Answers
a. The firm's tax liability is computed as shown below:
= Earnings before taxes x tax rate
= $ 94,900 x 27%
= $ 25,623
b. The after tax earnings is computed as shown below:
= Earnings before taxes - tax expenses
= $ 94,900 - $ 25,623
= $ 69,277
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