1) How can tax on Pfizer's income be negative? Does it mean Pfizer saved that much money or they received that much amount from government in Cash? 2) What is the effective rate of tax for Pfizer? Can it be negative? 3) Give us brief details of what sort of tax benefits and tax expenses impacted FY 2017's Provision/(benefit) for taxes on income?

1) How can tax on Pfizer's income be negative? Does it mean Pfizer saved that much money or they received that much amount from government in Cash? 2) What is the effective rate of tax for Pfizer? Can it be negative? 3) Give us brief details of what sort of tax benefits and tax expenses impacted FY 2017's Provision/(benefit) for taxes on income?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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K99.
First, explain the difference between marginal and average tax rates. Looking at a recent statement for Nvidia what is their marginal tax bracket? Provide a link to a recent income statement and current tax rates that you used.
Access the 2016 financial statements and related disclosure notes of Ford Motor Company from its website at corporate.ford.com. Required: 1. In Note 21, find Ford's net deferred tax asset or liability. What is that number? 2. Does Ford show a valuation allowance against deferred tax assets? If so, what is the number, and what is Ford's explanation for it? 3-a. Does Ford have any NOL carryforwards? 3-b. What is the amount of any carryforward, what deferred tax asset or liability is associated with it? (Round your answer to 1 decimal place.) 3-c. What effective tax rate does that imply was used to calculate its deferred tax effect?
Which of the following has the greatest effect of reducing tax payable through the acceleration of deductions? a. Writing off any bad debts before the end of the income year. b. Value trading stock at market selling value where the market selling value is higher than the cost or replacement price. c. Ensuring investments are positively geared. d. Value trading stock at market selling value where the market selling value is higher than thecost or replacement price.
Which of the following usually results in an increase in a deferred tax asset? A) Accelerated depreciation for tax reporting and straight-line depreciation for financial reporting. B) Prepaid insurance. C) Subscriptions delivered for which customers had paid in advance. D) None of these answer choices are correct.
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Use the following tax table to determine how much income tax is paid on 512500 of taxable income. Single Taxable Income Tax Brackets and Rates, 2017 Rate Taxable Income Bracket 10% $0 to $9,325 15% $9,325 to $37,950 25% $37,950 to $91,900 28% $91,900 to $191,650 33% $191,650 to $416,700 35% $416,700 to $418,400 39.60% $418,400+
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