Corporate taxes Tantor Supply, Inc., is a small corporation acting as the exclusive distributor of a major line of sporting goods. During 2021 the firm earned $1,666,300 before taxes. a. Calculate the firm's tax liability using a flat tax rate of 21%. b. How much are Tantor Supply's 2021 after-tax earnings? c. What was the firm's average tax rate? d. What was the firm's marginal tax rate? a. The firm's tax liability is $ (Round to the nearest dollar.)
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![Corporate taxes Tantor Supply, Inc., is a small corporation acting as the exclusive distributor of a major line of sporting goods. During 2021 the firm earned $1,666,300 before taxes.
a. Calculate the firm's tax liability using a flat tax rate of 21%.
b. How much are Tantor Supply's 2021 after-tax earnings?
c. What was the firm's average tax rate?
d. What was the firm's marginal tax rate?
a. The firm's tax liability is $
(Round to the nearest dollar.)](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F66e20178-95b3-4752-a1f0-a402a3329034%2F7c151c59-9012-4489-aca5-5bfd9caf3cae%2F4jgdfd_processed.png&w=3840&q=75)
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- Corporate income tax) G. R. Edwin Inc. had sales of $6.06 million during the past year. The cost of goods sold amounted to $2.9 million. Operating expenses totaled $2.44 million, and interest expense was $23,000. Use the corporate tax rates shown in the popup window,, to determine the firm's tax liability. What are the firm's average and marginal tax rates? The firm's tax liability for the year is $. (Round to the nearest dollar.) The firm's average tax rate is%. (Round to two decimal places.) The firm's marginal tax rate is%. (Round to the nearest integer.) Data table Taxable Income $0-$50,000 $50,001-$75,000 $75,001-$100,000 Marginal Tax Rate 15% 25% 34% $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.) - X(Corporate income tax) G. R Edwin Inc had sales of $6.01 million during the past year. The cost of goods sold amounted to $2.7 million. Operating expenses totaled $2.47 million, and interest expense was $29,000. Use the corporate tax rates shown in the popup window, to determine the firm's tax liability. What are the firm's average and marginal tax rates? The firm's tax liability for the year is S (Round to the nearest dollar) The firm's average tax rate is % (Round to two decimal places) The firm's marginal tax rate is % (Round to the nearest integer.) Data table Taxable Income $0- $50,000 $50,001 - $75,000 $75,001 - $100,000 $100,001 - $335,000 Marginal Tax Rate 15% 25% 34% 39% $335,001-$10,000,000 $10,000,001-$15,000,000 35% $15,000,001-$18,333,333 38% Over $18,333,333 34% 35% (Cick on the icon in order fo copy its contents into a spreadsheel) Print Done(Corporate income tax) Barrington Enterprises earned $4.9 million in taxable income (earnings before taxes) during its most recent year of operations. Use the corporate tax rates shown in the popup window., to calculate the firm's tax liability for the year. What are the firm's average and marginal tax rates? The firm's tax liability for the year is $. (Round to the nearest dollar.) View an example 2 99 W S X command # 3 Get more help. 80 E D $ 4 C 888 F4 R F % 5 V T G MacBook Air A 6 *** F6 Y B & 7 H Data table 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) 44 F7 U N 8 J DII A 1 1 -o Print 9 K M DD F9 MOSISO Marginal Tax Rate 15% 25% 201 34% O 1 O I Done <` PO L 110 Clear all P command : . ; + { = [ - X Check answer 49 #1 ? V12 1 option } 1 dele
- (Corporate income tax) G. R. Edwin Inc. had sales of $5.99 million during the past year. The cost of goods sold amounted to $2.9 million. Operating expenses totaled $2.56 million, and interest expense was $21,000. Use the corporate tax rates shown in the popup window, to determine the firm's tax liability. What are the firm's average and marginal tax rates? The firm's tax liability for the year is $. (Round to the nearest dollar.) The firm's average tax rate is %. (Round to two decimal places.) The firm's marginal tax rate is %. (Round to the nearest integer.) 2 W S X mmand 3 20 E D $ 4 C DOO DDD F4 R F % 5 V FS T G 6 B MacBook Air F6 Y & 7 Data table H Over $18,333,333 35% (Click on the icon in order to copy its contents into a spreadsheet) 44 F7 U N 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% * 8 J DII 76 - Print 1 M 9 K DE Marginal Tax Rate 15% 25% MOSISO 19 O Done 1…Question 27, P1-6 (similar to) > Part 1 of 4 Corporate taxes Tantor Supply, Inc., is a small corporation acting as the exclusive distributor of a major line of sporting goods. During 2021 the firm earned $1,851,100 before taxes. a. Calculate the firm's tax liability. b. How much are Tantor Supply's 2021 after-tax earnings? c. What was the firm's average tax rate? d. What was the firm's marginal tax rate? a. The firm's tax liability is $ . (Round to the nearest dollar.)A firm's income statement included the following data. The firm's average tax rate was 30%. (Round each step to the nearest dollar.) Cost of goods sold Income taxes paid Administrative expenses Interest expense Depreciation a. What was the firm's net income? Net income b. What must have been the firm's revenues? Revenues c. What was EBIT? EBIT tA $ 7,600.00 11,271.00 1,900.00 2,600.00 3,200.00 LA
- (Calculating corporate income tax) G. R. Edwin Inc. had sales of $6 million during the past year. The cost of goods sold amounted to $3 million. Operating expenses totaled $2.6 million, and interest expense was $30,000. Determine the firm's tax li- ability. What are the firm's average and marginal tax rates?A firm's income statement included the following data. The firm's average tax rate was 25%. Cost of goods sold Income taxes paid Administrative expenses Interest expense Depreciation $ 9,700 $ 3,700 $ 4,700 $ 2,700 $ 2,700 a. What was the firm's net income? b. What must have been the firm's revenues? c. What was EBIT? a. Net income b. Revenues c. EBITA company has wants to earn an income of $60,000 after-taxes. If the tax rate is 32%, what must be the companys pre-tax income in order to have $60,000 after-taxes? A. $88,235 B. $19,200 C. $79,200 D. $143,000
- A firm's income statement included the following data. The firm's average tax rate was 20%. Cost of goods sold Income taxes paid Administrative expenses $ 8,000 $ 2,000 $ 3,000 $ 1,000 $ 1,000 Interest expense Depreciation a. What was the firm's net income? Net income b. What must have been the firm's revenues? Revenues c. What was EBIT? EBITEcare Berhad has the following income statement items for 2021: Revenue/Sales RM4,801,139 Finance costs/Interest expense RM293,938 Other items of income RM38,552 Cost of sales (COGS) RM3,917,144 Income tax expenses 35% of taxable income Dividend payment 40% of net profit What is the amount of the firm's earning before tax? Select one: a. RM628,609 b. RM590,057 c. RM408,596 d. RM883,995(Corporate income tax) Boisjoly Productions had taxable income of $19.9 million. a. Calculate Boisjoly's federal income taxes by using the corporate tax rate structure in the popup window, b. Now calculate Boisjoly's average and marginal tax rates. c. What would Boisjoly's federal income taxes be if its taxable income was $29.3 million? d. Now calculate Boisjoly's average and marginal tax rates with taxable income of $29.3 million. a. Calculate Boisjoly's federal income taxes. The total tax due is $. (Round to the nearest dollar.)