Soho is a personal service corporation that has $1,200,000 of gross revenue and $1,021,000 of deductible...
Soho is a personal service corporation that has $1,200,000 of gross revenue and $1,021,000 of deductible expenses. What is its income tax liability for 2018?
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Homework Answers
Solution:
Gross Revenue = $ 1,200,000
Less: Deductible expenses = $ 1,021,000
Taxable income = $ 179,000
Note : The tax rate of corporation of personal
service is flat 35%
Tax liability = Taxable Income * Tax rate
Tax liability = $179,000*35%
Tax liability = $62,650
Option (1) $62,650 is correct answer.
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