A domestic enterprise in 2009 taxable income of $10 million, it has branches in A and B.The taxable income of the branch of State A is $7 million, of which the income from production and operation is $6 million (tax rate is 40%) and the income from interest is $1 million (tax rate is 20%).The taxable income of the branch of State B is $3 million, of which the income from production and operation is $2 million (tax rate is 20%) and the income from interest is $1 million (tax rate is 11%).B country in 2008 there are 20,000 dollars of overseas income tax payable without deduction.Requirements: calculate the enterprise income tax payable by the enterprise in 2009 (summarize domestic and foreign income).

Income tax payable is defined as the compulsory obligation of the taxpayer for the payment of a…

Answered: alculate the enterprise income tax…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Question

A domestic enterprise in 2009 taxable income of $10 million, it has branches in A and B.The taxable income of the branch of State A is $7 million, of which the income from production and operation is $6 million (tax rate is 40%) and the income from interest is $1 million (tax rate is 20%).The taxable income of the branch of State B is $3 million, of which the income from production and operation is $2 million (tax rate is 20%) and the income from interest is $1 million (tax rate is 11%).B country in 2008 there are 20,000 dollars of overseas income tax payable without deduction.

Requirements: calculate the enterprise income tax payable by the enterprise in 2009 (summarize domestic and foreign income).

Expert Solution

Trending now

This is a popular solution!

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Sales Tax, Restaurant Tax and Lodging Taxes

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions