Deferred Tax Calculations (Appendix) Wyhowski Inc. reported income from operations, before taxes, for 2015-2017 as follows: 2015 $197,000 2016 225,000 2017 264,000 When calculating income, Wyhowski deducted depreciation on plant equipment. The equipment was purchased January 1, 2015, at a cost of $82,000. The equipment is expected to last three years and have a(n) $7,000 salvage value. Wyhowski uses straight-line depreciation for book purposes. For tax purposes, depreciation on the equipment is $47,000 in 2015, $19,000 in 2016, and $9,000 in 2017. Wyhowski's tax rate is 35%. Required: Enter all amounts as positive numbers. 1. How much did Wyhowski pay in income tax each year? If required, round all calculations to the nearest dollar. Year Taxes Paid 2015 $fill in the blank 1 2016 $fill in the blank 2 2017 $fill in the blank 3
Wyhowski Inc. reported income from operations, before taxes, for 2015-2017 as follows:
| 2015 | $197,000 |
| 2016 | 225,000 |
| 2017 | 264,000 |
When calculating income, Wyhowski deducted
Required:
Enter all amounts as positive numbers.
1. How much did Wyhowski pay in income tax each year? If required, round all calculations to the nearest dollar.
| Year | Taxes Paid |
| 2015 | $fill in the blank 1 |
| 2016 | $fill in the blank 2 |
| 2017 | $fill in the blank 3 |
Deferred tax is the amount of tax overpaid or owed by an entity due to temporary differences of income due to computation of as per accounting standards and as per provisions of income tax.
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