Given the following facts, calculate the New Jersey state tax liability for ABC Corporation: Federal taxable income $50,000 NJ State modifications $3,500 Allocable income $15,000 Income allocable to NJ $2,500 NJ apportionment % 40% NJ Corporate tax rate 11.5% Choose the correct options $1,886 $1,771 $4,715 $2,461

Given the following facts, calculate the New Jersey state tax liability for ABC Corporation: Federal taxable income $50,000 NJ State modifications $3,500 Allocable income $15,000 Income allocable to NJ $2,500 NJ apportionment % 40% NJ Corporate tax rate 11.5% Choose the correct options $1,886 $1,771 $4,715 $2,461

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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1-13 Organizational Expenditures. G Corporation, an accrual basis taxpayer, incurred and paid $41,000 of qualifying organizational expenditures in 2021. Assuming G Corporation wishes to maximize its deductions, compute the maximum amount of organization costs that may be deducted for each of the following years if G Corporation adopts a calendar tax year. For 2021, if G Corporation began business on September 1. Calendar year 2022? Calendar year 2026? How would your answer to (a) change if the $41,000 had been paid in February 2022? How would your answer to (a) change if G Corporation were a cash basis taxpayer and the $41,000 had been paid in February 2022? How would your answer to (a) change if G Corporation had incurred $12,000 of the $41,000 qualified expenditures in January 2022.
Given the following facts, calculate the New Jersey state tax liability for ABC Corporation: Federal taxable $50,000 income NJ State modifications $3,500 Allocable income $15,000 Income allocable to NJ $2,500 NJ apportionment% 40% NJ Corporate tax rate 11.5% $1,886 O $1,771 ○ $4,715 $2,461
7
Calculate Anaheim Corporation's excess net passive income tax in each of the following alternative scenarios: a. Passive investment income, $100,000; expenses associated with passive investment income, $40,000; gross receipts, $208,000; taxable income if a C corporation, $22,400; corporate Earnings and profit, $41,000. Excess net passive income tax??? b. Passive investment income, $100,000; expenses associated with passive investment income, $70,000; gross receipts, $208,000; taxable income if a C corporation, $5,600; corporate Earnings and profit, $41,000. Excess net passive income tax??? c. Passive investment income, $100,000; expenses associated with passive investment income, $40,000; gross receipts, $208,000; taxable income if a C corporation, $22,400; corporate Earnings and profit, $0. Excess net passive income tax???
15-6
a. Use Georgia's Corporate Income Tax Form 600 and Instructions to determine what federal-to-state adjustments Bulldog needs to make for Georgia. Bulldog's federal taxable income was $194,302. Calculate its Georgia state tax base.
A5
Multiple Choice $200,933 $174,983 $208,433 $172,509
Cromwell Corporation does business in two states, A and B. State A uses an equal-weighted, three-factor apportionment formula and has a 5 percent state tax rate. State B uses an apportionment formula that double-weights the sales factor and has a 6 percent state tax rate. Cromwell's state-level taxable income, before apportionment, is $3.5 million. It has identified the following components of its sales, payroll, and property factors: Sales Payroll Average property Required: State A $ 7,500,000 3,500,000 2,500,000 State B $ 4,750,000 2,700,000 1,550,000 Total $ 12,250,000 6,200,000 4,050,000 a. Calculate Cromwell's apportionment factors, income apportioned to each state, and state tax liability. b. State B is considering changing its apportionment formula to place 100 percent of the weight on the sales factor, ignoring payroll and property for apportionment purposes. Given its current levels of activity, what would Cromwell's state tax liability be for each state? Answer is not…
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15-7
Reconciling between Effective and Statutory Tax Rates Baltimore Inc. reported pretax GAAP income of $72,000 in 2020. In analyzing differences between GAAP income and taxable income, the company determined that it had deducted $9,000 in nondeductible fines and added $5,040 in tax-exempt municipal interest revenue to GAAP income. The statutory tax rate is 25%. Prepare a reconciliation between Baltimore Inc.'s effective and statutory tax rates. • Note: Round percentage to one decimal place (for example, enter 3.4 for 3.35%). Percentage Statutory tax rate 0 % Tax-exempt income 0 % Non-deductible expense 0 % Effective taxX rate 0 %