Quick answer of this accounting questions A company has a tax rate of 30% and realizes taxsavings of $90,000 from a deductible expense. What isthe original expense amount before tax?

Step 1: Definition of Tax Savings and Deductible ExpenseTax Savings: The reduction in taxes due to a…

Answered: A company has a tax rate of 30% and…

CONCEPTS IN FED.TAX.,2020-W/ACCESS

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter15: Choice Of Business Entity—other Considerations

Section: Chapter Questions

Problem 72P

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Use the net FUTA tax rate of 0.6% on the first $7,000 of taxable wages. Queno Company had FUTA taxable wages of $510,900 during the year. Determine its: (Round your answers to two decimal places.) a. gross FUTA tax $fill in the blank 1.b. FUTA tax credits (assuming no penalties) $fill in the blank 2.c. net FUTA tax $fill in the blank 3.
Goose Industries faces the following tax schedule. Last year the company realized $15,000,000 in operating income (EBIT). Its annual interest expense is $7,500,000. (1) Compute the company’s income taxes payable? Use the tax rate table below. (2) What was the company’s net income for the year? If a corporation's taxable income is It pays this amount on the base of the bracket Plus this percentage on the excess over the base (marginal rate) Average tax rate at top of bracket Up to $50,000 $0 15% 15.0% $50,000 – $75,000 $7,500 25% 18.3% $75,000 – $100,000 $13,750 34% 22.3% $100,000 – $335,000 $22,250 39% 34.0% $335,000 – $10,000,000 $113,900 34% 34.0% $10,000,000 – $15,000,000 $3,400,000 35% 34.3% $15,000,000 – $18,333,333 $5,150,000 38% 35.0% Over $18,333,333 $6,416,667 35% 35.0% (1) $2,436,000 (2) $4,950,000 (1) $2,550,000 (2) $4,950,000 (1) $2,550,000 (2)…
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Eccentricity, Incorporated had $300,000 in 2018 taxable income. Using the tax schedule from Table 2.3, what are the company's 2018 income taxes, average tax rate, and marginal tax rate, respectively? Taxable income Pay this amount on Base income Plus this percentage on anything over the base $0 – $50,000 $ 0 15% $50,001 – $75,000 $ 7,500 25% $75,001 – $100,000 $ 13,750 34% $100,001 – $335,000 $ 22,250 39% $335,000 – $10,000,000 $ 113,900 34%
Pumpkin Company recorded Income tax payable equal to $10M, increased the Deferred Tax Asset by $2M, and increased the Deferred Tax Liability by $3M. Accounting income before taxes is equal to $50M. What amount of Net Income will Maxie report on its income statement? O $45M. O $39M. O $49M. O $46M.
During the year, Zeno Company has a SUTA tax rate of 6.3%. The taxable payroll for the year for FUTA and SUTA is $77000. Conpute: *0.6% was used for the FUTA tax rate for employers. Net FUTA tax? Net SUTA tax? Total unemployment taxes?
The following information applies to the operations of MK Inc. for 2022 and 2023. Assume a tax rate of 20% for both years.2022 information:Sales on account in the amount of $675,000Warranty expense and associated liability in the amount of $145,000No other expenses incurred.2023 information:Sales on account in the amount of $210,000Warranty repairs made in the amount of $69,000No expenses incurred.What is MK's income tax expense for 2022? Group of answer choices $121,200 $135,000 $106,000 $164,000
What is the amount of Taxes Owed for the period if the tax rate is 30%, if Earnings Before Taxes ( a.k.a. EBT, or pre-tax earnings) is 250,000?
Consider the following data extracted from an after-tax cash flow calculation. Before-Tax-and-Loan = $22,500 Loan Principal Payment = $5,926 Loan Interest Payment = $2,400 MACRS Depreciation Deduction = $16,665 Which of the following is closest to the Taxable Income? a. −$2,491. b. −$91. c. $3,435. d. $14,174
The 2020 financial statements for Leggett & Platt, Inc. report the following information: Year ended December 31, 2020 (In millions) Depreciation expense $84.6 Net income 275.6 Equipment 620.3 Building 1071.7 Land 37.7 Accumulated depreciation and 1.165.4 amortization 564.3 PPE, net
Required: 1. Determine the amounts necessary to record Allmond's income taxes for 20: Allmond Corporation, organized on January 3, 2021, had pretax accounting income of $25 million and taxable income of $33 million 2. What is Allmond's 2021 net income? for the year ended December 31, 2021. The 2021 tax rate is 25%. The only difference between accounting income and taxable income is estimated product warranty costs. Assume that expected payments and scheduled tax rates (based on recently enacted tax legislation) are as follows: Complete this question by entering your answers in the tabs below. Required 1 Calculation Required 1 GJ Required 2 Prepare the appropriate journal entry. (If no entry is required for a transaction/e account field. Enter your answers in millions rounded to 2 decimal places (i.e., 5 View transaction list 1 Record 2021 income taxes. X Cr 2022 2023 2024 2025 $2 million 2 million 1 million 3 million 35% 35% 35% 25% Required: 1. Determine the amounts necessary to…

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