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If the federal income tax rate is 21% and the state tax rate is 7% (and state taxes are deductible from federal taxes),...
A major industrialized state has a state corporate tax rate of 9.6% of taxable income. If...
A major industrialized state has a state corporate tax rate of 9.6% of taxable income. If a corporation registered in this state has a taxable income of $100,000, answer the following questions (a) and (b) (a) What is the total state and federal income tax that the corporation must pay? O A. $50,534 O B. $72,962 O C. $28,586 OD. $95,390 (b) The corporation's effective income tax rate is closest to O A. 38% OB. 36% OC. 34% OD. 29%
5) If you have a state tax rate of 7%, and a federal tax rate of...
5) If you have a state tax rate of 7%, and a federal tax rate of 33%, what is your effective total tax rate? Also, if you want to achieve at least a 10% rate of return after taxes, what value should you use for your before-tax rate of return?
Katie pays $10,000 in tax-deductible property taxes. Katie’s marginal tax rate is 32%, average tax rate...
Katie pays $10,000 in tax-deductible property taxes. Katie’s marginal tax rate is 32%, average tax rate is 28%, and effective tax rate is 25%. Katie's tax savings from paying the property tax is: $1,600 $2,500 $2,800 $3,200 $10,000
salaries Federal income taxes to be withheld Federal unemployment tax rate (FUTA) State unemployment tax rate...
salaries Federal income taxes to be withheld Federal unemployment tax rate (FUTA) State unemployment tax rate (after FUTA deduction) Social security tax rate Medicare tax rate $ 80,000 16,000 0.80% 5.40% 6.29% 1.45% The journal entry to record payroll for the January 2021 pay period should be Debit Credit 25) Panther Co. had a quality assurance warranty liability of $350.000 at the beginning of 2021 and $310.000 at the end of 2021. Warranty expense is based on 4% of sales,...
2. A developer pays federal income tax at a marginal rate of 27% and state tax...
2. A developer pays federal income tax at a marginal rate of 27% and state tax of 6%. What is his effective tax rate?
the wendt corporation reported $30 million of taxable income. its federal tax rate was 21%( ignore...
the wendt corporation reported $30 million of taxable income. its federal tax rate was 21%( ignore any possible state corporate taxes). a what is the companys federal income tax bill for the year b) assume the firm receives an additional $2 million of interest income from some bond it owns. what is the additional tax on this interest income. c) now assume that wendt does not receive the interest but does receive an additional $ 2 million as dividends on...
Payroll taxes paid by employees include which of the following? O Federal income tax, federal unemployment...
Payroll taxes paid by employees include which of the following? O Federal income tax, federal unemployment tax, and Medicare O Social security, federal unemployment tax, and state unemployment tax O Social security, federal income tax, and federal unemployment tax O Federal income tax withheld, state income tax withheld, and Medicare Which of the following statements about bonds and notes is not correct? O A company can borrow the funds necessary to finance its activities using bonds or promissory notes O...
QUESTION5 Federal taxes are 28% of your income less state taxes, and state taxes are 10% of your income less federal taxes. This means you don't pay taxes on your taxes? taxes. Your income is...
QUESTION5 Federal taxes are 28% of your income less state taxes, and state taxes are 10% of your income less federal taxes. This means you don't pay taxes on your taxes? taxes. Your income is $35.000. How much are your federal taxes? How much are your state
QUESTION5 Federal taxes are 28% of your income less state taxes, and state taxes are 10% of your income less federal taxes. This means you don't pay taxes on your taxes? taxes. Your...
How is total federal tax provision calculated and effective tax rate calculated? Pre-Tax Net Income 1,915...
How is total federal tax provision calculated and effective tax
rate calculated?
Pre-Tax Net Income 1,915 1,335 425 Federal Income tax expense NOL carryforward from PY NET INCOME 75 (75) (75) 1,490 1,260 21% 265 Federal Tax Rate Federal Income Tax Liability Total temporary differences Deferred tax Asset/Liability Total Federal Tax provision (765) 161 Effective Tax Rate
For a federal tax of 36.4% and state income tax of 7.5% per year, calculate the...
For a federal tax of 36.4% and state income tax of 7.5% per year, calculate the effective income tax rate
A major industrialized state has a state corporate tax rate of 9.6% of taxable income. If a corporation registered in this state has a taxable income of $100,000, answer the following questions (a) and (b) (a) What is the total state and federal income tax that the corporation must pay? O A. $50,534 O B. $72,962 O C. $28,586 OD. $95,390 (b) The corporation's effective income tax rate is closest to O A. 38% OB. 36% OC. 34% OD. 29%
5) If you have a state tax rate of 7%, and a federal tax rate of 33%, what is your effective total tax rate? Also, if you want to achieve at least a 10% rate of return after taxes, what value should you use for your before-tax rate of return?
salaries Federal income taxes to be withheld Federal unemployment tax rate (FUTA) State unemployment tax rate (after FUTA deduction) Social security tax rate Medicare tax rate $ 80,000 16,000 0.80% 5.40% 6.29% 1.45% The journal entry to record payroll for the January 2021 pay period should be Debit Credit 25) Panther Co. had a quality assurance warranty liability of $350.000 at the beginning of 2021 and $310.000 at the end of 2021. Warranty expense is based on 4% of sales,...
2. A developer pays federal income tax at a marginal rate of 27% and state tax of 6%. What is his effective tax rate?
Payroll taxes paid by employees include which of the following? O Federal income tax, federal unemployment tax, and Medicare O Social security, federal unemployment tax, and state unemployment tax O Social security, federal income tax, and federal unemployment tax O Federal income tax withheld, state income tax withheld, and Medicare Which of the following statements about bonds and notes is not correct? O A company can borrow the funds necessary to finance its activities using bonds or promissory notes O...
QUESTION5 Federal taxes are 28% of your income less state taxes, and state taxes are 10% of your income less federal taxes. This means you don't pay taxes on your taxes? taxes. Your income is $35.000. How much are your federal taxes? How much are your state
QUESTION5 Federal taxes are 28% of your income less state taxes, and state taxes are 10% of your income less federal taxes. This means you don't pay taxes on your taxes? taxes. Your...
How is total federal tax provision calculated and effective tax
rate calculated?
Pre-Tax Net Income 1,915 1,335 425 Federal Income tax expense NOL carryforward from PY NET INCOME 75 (75) (75) 1,490 1,260 21% 265 Federal Tax Rate Federal Income Tax Liability Total temporary differences Deferred tax Asset/Liability Total Federal Tax provision (765) 161 Effective Tax Rate
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