Compute the before-tax revenue if tax rate is 15% and after-tax revenue is 23,800
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A: Monthly gross income = $5,460 Federal income taxes = 10% State income taxes = 6%
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A: A follow-up question: Sales tax liability is simply the liability that arises upon the company due…
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A: Gross Pay = 250 Federal Tax = 17.88 Social Security Tax = 10.71 Medicare Tax = 3.25
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A: VAT refundable states that the taxpayer has paid in excess amount of money during the tax period as…
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A: Sales tax percentage = Sales tax amount/cost before tax
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A: Solution:- Income tax is the amount of tax charged by government on the income earned.
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A: Answer:- Effective tax rate:- The effective tax rate can be defined as the percentage of an…
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A: Income tax is a type of tax that governments impose on individuals and entities based on their…
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A: Annual Income = 100,000 Tax Rates and calculations are provide below:
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A: The modified accelerated cost recovery system (MACRS) is a depreciation system used for tax purposes…
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A:
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A: Taxes are the amount due to the government on the income earned by an individual or a company. The…
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A: The effective tax rate can be calculated as under --…
Q: 3b. A company made an additional (incremental) income of $10,000 during the last week of the year.…
A: Tax can be defined as an amount paid to the government on the income. It is a compulsory…
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A: Assessment is the process of estimating the income of the taxpayer for the purpose of calculating…
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A: Interest is earned from a taxable investment, so a tax of 28% will be levied on interest earning…
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A: The objective of this question is to calculate the total income tax paid on a taxable income of…
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A: The following federal income tax rate (2006) table will be used:
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A: Before tax return refers to the average annual compound rate of return (ROR), the fund has earned…
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A: Find the above mention questions solution in the following steps for your reference.
Q: Calculate the amount of property tax due: Tax rate Assessed value Amount of property tax…
A: The formula used as follows: Amount of property tax due=Assessed value of property×Tax rate
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- Given the following information, calculate the effective tax rate expressed in mills: market value of property: $170,000; assessed value of property: 40% of the market value: exemptions: $1,000; annual tax liability: $3,575.10.The following are details to calculate tax expense, tax payable and deferred taxes: Descriptions Gross Income: 2018:RM500,00.00; 2019: RM600,000.00; 2020: RM750,000.00; 2021: RM700,000.00 Heavy machinery with cost of RM300, 000.00 is depreciated annually for 10% using straight line method. Under tax rules, initial allowance is 20% and annual allowance is 2 20%. Rent revenue for rental of office space is RM3,000.00 per month (RM36,000.00 per annum) and shop outlet is RM5,000.00 per month (RM60,000.00 per annum). Office space rental received 2 years in advance for 2018. Meanwhile, shop outlet rental is accrued with balance brought forward RM10,000.00 in 2018; received 3 months advance in 2019 and 4 months accrued 2021. Recognized provision of warranty RM8,000.00 in 2018; RM10,000.00 in 2019; RM10,000.00 in 2020 and RM 15,000.00 in 2021. Warranty expenses claims were RM6000.00 for 2018; RM10,000.00 for 2019; RM12,000.00 for 2020 and RM11,000.00 for 2021. Tax rate is 25% 3 REQUIRED: a.…A) Calculate bi-weekly gross earnings 55 hours @ $13/hr. USE YOUR ANSWER IN 3A TO CALCULATE THE TAX FOR BC, AND D. B) Calculate Fed Tax (15 %) on gross earnings. C) Calculate Socail Security Tax (6.25%) on gross earnings. D) Calculate Medicare Tax (1.14%) on gross earnings. E) What is the total amount of deductions?
- AccountingAm. 111.XYZ Pawnshop Corp. reported the following information in preparation of its quarterly percentage tax return: Source of Income Amount Gross receipts on interest from pawning 5,000,000 Gross receipts on interest from lending (1 year) 10,000,000 How much is the quarterly gross receipts tax? Answer:
- The Snella Company reports 2023 Pre-tax Net Income of $10,000. The following items exist: Premiums Paid for Key Officer Life Insurance Accrued Revenues Unearned Revenues $ 200 $ 80 $ 50 The tax rate is 20%, Indicate the amounts for 2023 Income Tax Expense and 12/31/23 Income Tax Payable, respectively: Select one: a. $2,040, $2,034 b. $1,960, $1,934 Oc. $1,960, $1,986 d. $2,040, $1,986 e. $2,034, $2,034What is 95875 with 12.5% income taxRequired Answer each of the following questions by providing supporting computations. 1. Assume that the company’s income tax rate is 30% for all items. Identify the tax effects and after-tax amounts of the three items labeled pretax. 2. Compute the amount of income from continuing operations before income taxes. What is the amount of the income tax expense? What is the amount of income from continuing operations? 3. What is the total amount of after-tax income (loss) associated with the discontinued segment? 4. What is the amount of net income for the year?
- If your gross salary is $273 000 and your taxable income is $73 000 and your tax rate is 25% how much is your net income?1. If a company has a pre - tax accounting income of $1, 000, with interest revenue from municipal bonds totaling S500, and operates under a 20% tax rate, how would you record the journal entry?Cee & Co.’s fiscal year begins April 1. At the beginning of its fiscal year, Cee & Co. estimates that it will owe $17,400 in property taxes for the year. On June 1, its property taxes are assessed at $17,000, which it pays immediately. Required: 1. Prepare the related journal entries for April 1, May 1, and June 1. 2. Then compute the monthly property tax expense that Cee & Co. would record during July through March.
