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Andhra University *

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ACCOUNTING

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Accounting

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Nov 24, 2024

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Adjusted Gross Income (AGI): Adjusted gross income is the amount on which the tax liability of the taxpayer is determined after making some adjustments on income. In other words, AGI is the gross income minus adjustments to income. Taxable income: The taxable income is the amount of income on which IRS imposes tax. Tax liability: It is the amount of tax payable to the government by the taxpayer on their taxable income. This tax liability is determined based on the tax rates and schedules applicable for the year for the status of the taxpayer. Determine the corporation's income tax liability: As per the provisions of Tax Cuts and Jobs Act of 2017, the corporate tax rate for the year 2020 was 21%. The corporation’s income tax liability is determined by multiplying the taxable income with the corporate tax rate as under: Final answers: Particulars 2020 Income Tax Liability Pu Corporation $13,650 A Corporation $60,900 Pi Corporation $2,593,500 Tu Corporation $3,990,000 Te Corporation $27,300
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