A corporation has income of $80,000 from operations, a $12,000 short-term capital gain, and a $16,000 long-term capital loss. What is the corporation’s taxable income for the year?

Q: During the current year, Sparrow Corporation, a calendar year C corporation, had operating income of…

A: The correct answer is A. $33,600Explanation:Since there is no provided corporate tax rate, we will…

Q: Benson Airlines is a small airline that occasionally carries overload shipments for the overnight…

A: TOTAL COSTTotal Cost is the cost which is incurred to manufacture a product.Total Cost Includes Cost…

Q: An entity reported pretax financial income of P8,000,000 for the current year. The taxable income…

A: Total tax payable = taxable income x income tax rate = P7,000,000 x 30% = P2,100,000

Q: The ABC Corporation has net income reported on its books of $120,500. For the current year, the…

A: The taxable income of a corporation is the portion of its earnings that is subject to taxation by…

Q: Xavier Corporation ends the year with net income of $250,000 and long term capital gains of $30,000.…

A: In the given case, the long term capital gains are treated as short term capital gains as there is…

Q: If a corporation has $85,000 in taxable income, what is its taxliability? ($17,150)

A: A taxable income of $85,000 falls under the tax slab of $75,000 to $100,000 with a tax of $13,750…

Q: The King Corporation has total annual revenue of $800,000; expenses other thandeprecation of…

A: Solution: Pretax income = Annual revenue - Expenses other than depreciation - Depreciation expense…

Q: The following are the composition of the total gross income of a domestic corporation which is…

A: SOLUTION- THE TAX LEVIED ON MINIMUM CORPORATE INCOME TAX IS 2 % ON GROSS INCOME EARNED BY THE…

Q: For each of the following transactions, indicate wheth-er a special adjustment must be made in…

A: E & P is Earnings and Profit. It is the measure of the ability of the corporation to make…

Q: 35. A domestic corporation has the following income and expenses for 2021 taxable year: Gross sales…

A: Income tax in the Philippines is flat 30% on the net taxable income for both the domestic…

Q: Transactions Affecting E&P. For each of the following transactions, indicate whether a special…

A: E & P stands for Earnings and Profit. It is a measure of the corporation's ability to make…

Q: An entity reported pretax financial income of P8.000,000 for the current year. The taxable income…

A: Income tax is paid on the taxable income. Taxable income is calculated after making the adjustments…

Q: 1. (a) A corporation has $25,000 of income from its business operations, $20,000 of net capital…

A: "As per the policy of our company, we are allowed to answer only the first three sub-parts in case…

Q: Before the provision for Federal income tax, Karas Corporation had book income of $400,000 for the…

A: Taxable income: Tax is paid on Taxable income only.

Q: ohn Ulmus Corporation has $1,230,000 in taxable income for the year.  A)  Calculate the corporations…

A: Solution Concept The corporate tax rate in US is 21% . The rate was 35% earlier and now it has been…

Q: 1. In 2022, a corporation earns $65,000 from its business operations and has $10,000 of dividend…

A: Taxable income means the base income on which the tax would be levied and it involves some or all of…

Q: n its first year of operations corporation Lauzer has the following results for the year: Gross…

A: The answer is stated below:

Q: Bluth, Inc. reported the following financial information: Taxable income for current year $200,000…

A: Income tax expenses refer to the amount of money a business or an individual needs to set aside or…

Q: For current year, S Corporation had a net short-term loss of $20,000. Its operating income excluding…

A: Capital Loss - It is the loss amount when investment value is higher than the current market value…

Q: NS Corporation reports bo

A: Which Types of Income and Expenses Are Treated Differently in Calculating Book Income and…

Q: LNS Corporation reports book income of $2,890,000. Included in the $2,890,000 is $32,750 of…

A: Types of taxes include: Income tax Service tax Corporate tax Excise duty Custom duty

Q: For 2023, MSU Corporation has $500,000 of adjusted taxable income, $22,000 of business interest…

A: Interest expense :Interest expense refers to the cost which is non-operating in nature that is shown…

Q: The ordinary income or loss of an S Corporation is allocated on a per day basis and per share…

A: S corporation is considered as the flow through entity. The income and expenses of S corporation is…

Q: The following data represents the complete taxable income history for a corporation: Year Taxable…

A: Given the effective tax rates for each year, we need to find the net tax liability for the years…

Q: Susco had the following items this year:   Gross receipts $700,000 Operating expenses 500,000…

A: Long term capital losses of the business can only be set off against long term capital gains. But…

Q: 3. ABC corp paid the following taxes which is incurred in connection with business; Community tax of…

A: Deductible tax expense refers to the allowance provided by the government on the tax levied on an…

Q: In the current year, Vorschusse Corporation (a calendar year C corporation) had operating income of…

A: Introduction C Corporation and its tax rates: C Corporation, under United States federal income tax…

Q: The Ohio Corporation had a 20XX taxable income of $50,000,000 from operations after all operating…

A: Tax liability is the total amount of taxes that a person, business, or other entity owes to the…

Q: A domestic corporation had the following cumulative data in a year:     1st Qtr 2nd Qtr 3rd Qtr…

A: An itemised deduction seems to be a cost that may be subtracted from your adjusted gross income…

Q: XYZ Corporation, a calendar year C Corporation, has $100,000 gross business receipts, $5,000…

A: To calculate XYZ Corporation's taxable income, we start with gross business receipts and subtract…

Q: Heron Corporation is a personal service corporation. It had $230,000 of net active income, $40,000…

A: There are three types of incomes as follows under:-Earned incomepassive incomeportfolio…

Q: In year k, the before-tax cash flow of a corporation is $513,422. During year k, the expense is…

A: ATCF (After tax cash flow): = before tax cash flow  - expenses - depreciation - taxes

Q: During the current year, the Squamata Corporation, a regular C corporation, has $30,000 in ordinary…

A: Regular corporation is also regarded as C corporation, which is taxed as the separate entity. And…

Fringe Benefit Tax

Fringe benefits are in addition to the compensation that companies give to their employees. It is an additional benefit above the stated salary. It helps to keep the employees of the firm motivated as sometimes the only salary is not enough to retain the quality employees of the firm. There are different types of fringe benefits. Fringe benefits are given in both private as well as public enterprises.