Fill in the blanks:La Pagayo Corporation commenced business operations in calendar year 2001. It is subject to MCIT beginning 2005. Income taxes during the years from 2005 to 2012 are as followSNormal Corporate Minimum CorporateYearExcess of MCIT over NCITIncome TaxIncome Tax2005P25,000P100,000P75,0002006130,000150,00020,0002007200,000190,000020080300,000300,000200910,00050,00040,00015,000201045,00060,00040,0008,00032000201150.0001,00049,0002012REQUIRED: Determine Income Tax still due and payable for the 2005 to 2012Income tax still due and payable for 2006 is2 Income tax still due and payable for 2008 is2 income tax still due and payable for 2011 is27°C Mostlotta tré ers are in numerical form, COMMA PESO Big and other characters are NOT REQUIRED.Task ViewO8:here to searchShot on OnePlusPowered by Triple Cameraceses1 B-00211AM-ONNDAY &DAY12 STE184LEDDONBRAN+hp

Alternative minimum tax: A minimum corporate income tax (MCIT) equal to 2% of gross income is…

B Fill in the blanks: La Pagayo Corporation commenced business operations in calendar year 2001. It is subject to MCIT beginning 2005. Income taxes during the years from 2005 to 2 Normal Corporate Minimum Corporate Year Income Tax Excess of MCIT over NCIT Income Tax 2005 P25,000 P100,000 P75,000 2006 130,000 150.000 20,000 2007 200,000 190,000 0 2008 0 300,000 300,000 2009 10,000 50,000 40,000 2010 15,000 60,000 45,000 8,000 2011 32000 40,000 49,000 50 000 1,000 2012 REQUIRED: Determine Income Tax still due and payable for the 2005 to 2012 Income tax still due and payable for 2006 is 2 Income tax still due and payable for 2008 is B income tax still due and payable for 2011 s NOTETATS ers are in numerical form, COMMA PESC BIG endommer characters are NOT REQUIRED Task View O 8: hn

B Fill in the blanks: La Pagayo Corporation commenced business operations in calendar year 2001. It is subject to MCIT beginning 2005. Income taxes during the years from 2005 to 2 Normal Corporate Minimum Corporate Year Income Tax Excess of MCIT over NCIT Income Tax 2005 P25,000 P100,000 P75,000 2006 130,000 150.000 20,000 2007 200,000 190,000 0 2008 0 300,000 300,000 2009 10,000 50,000 40,000 2010 15,000 60,000 45,000 8,000 2011 32000 40,000 49,000 50 000 1,000 2012 REQUIRED: Determine Income Tax still due and payable for the 2005 to 2012 Income tax still due and payable for 2006 is 2 Income tax still due and payable for 2008 is B income tax still due and payable for 2011 s NOTETATS ers are in numerical form, COMMA PESC BIG endommer characters are NOT REQUIRED Task View O 8: hn

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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Z (Corporate income tax) Meyer Inc. has taxable income (earnings before taxes) of $319,000. Calculate Meyer's federal income tax liability using the tax table shown in the popup window: What are the firm's average and marginal tax rates? The firm's tax liability for the year is $. (Round to the nearest dollar.) 2 30 F2 W S Data table iple X भ command Taxable Income $0-$50,000 $50,001-$75,000 $75,001-$100,000 $100,001-$335,000 39% $335,001-$10,000,000 34% $10,000,001-$15,000,000 35% $15,000,001-$18,333,333 38% 35% Over $18,333,333 (Click on the icon in order to copy its contents into a spreadsheet.) # 3 Get more help - 80 E D $ 4 C 000 000 F4 R Print F % 5 Marginal Tax Rate 15% 25% 34% V F5 T Done G MacBook Air A 6 P F6 B Y & 7 H 44 F7 U N X 00 * 8 J DII FB 1 1 M 9 K MOSISO BB F9 O 1 O < I H L F10 Clear all P 11 • V command : ; FIX { + + 11 Check answer = 1 ? option 14 1 F12 } 1 A delete 1
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7. Consider the following excerpts from the income statement and tax returns of Rashford Inc. Amounts in $ Income before taxes Taxable income a. 22.4% b. 19.6% Income statement Depreciation 200 Warranty expenses* 120 Fine 100 *Warranty expenditures are tax deductible when payments are made to fulfil the warranty. C. 23.38% d. 17.92% e. None of the above 1,500 ANSWER: A Tax returns The statutory tax rate is 21%. There are no temporary or permanent differences other than the ones listed in the table. The effective tax rate of Rashford Inc. is: ? 250 0 0