Given the following facts, calculate the New Jersey state tax liability for ABCCorporation:Federal taxable$50,000incomeNJ State modifications$3,500Allocable income$15,000Income allocable to NJ$2,500NJ apportionment%40%NJ Corporate tax rate11.5%$1,886O $1,771○ $4,715$2,461

The objective of the question is to calculate the New Jersey state tax liability for ABC Corporation…

Answered: Given the following facts, calculate…

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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2. Haag Corp.'s 2021 income statement showed pretax accounting income of $2,500,000. To compute the federal income tax liability, the following 2021 data are provided: Income from exempt municipal bonds $ 100,000 Depreciation deducted for tax purposes in excess of depreciation deducted for financial statement purposes 200,000 Estimated federal income tax payments made 330,000 Enacted corporate income tax rate 20% What amount of current federal income tax liability should be included in Hagg's December 31, 2021 balance sheet? a. $110,000 b. $150,000 c. $170,000 d. $440,000 -1-
Ashton Corporation is headquartered in Pennsylvania and has a state income tax base there of $550.000. Of this amount, $89.000 was nonbusiness income. Ashton's Pennsylvania apportionment factor is 41.70 percent. The nonbusiness income allocated to Pennsylvania was $47,500. Assuming a Pennsylvania corporate tax rate of 8.25 percent, what is Ashton's Pennsylvania state tax liability? Note: Round your answer to the nearest whole dollar amount. State tax liability → $ 19,860
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
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Alpesh
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ABC Corp operates in the city and would besubjected to the following taxes: i. Federal corp income tax-surtax 26% and normal tax 22% ii. State Franchise tax-72% If income before taxes for 2018 was $370,000 per the federal tax return (after establishing estimate), assuming the rates as noted above, the tax liabilities that should be set up are Federal and State, A, $180,000; $25,000 B.$177,600; $29,700 C. $165,500;$20,000 D. $171,000; $30,000
4. XYZcorporation reported the following gross income and expenses: Gross income in the Philippines is 38,000,000 while deductions is 15,000,000 for a total taxable income of 23,000,000. Abroad, the gross income is 14,000,000 while the deduction is 3,000,000 for a total taxable income of 11,000,000. Compute the income tax due for 2021 if XYZ is a domestic corporation. P10,200,000 P6,900,000 P8,500,000 P6,800,000
ASSUMING THE TAXPAYER IS A CORPORATION, how much is the net taxable income using OSD? a. 792,000 b. 840,000 c. 882,000 d. 930,000
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
1.Kumara Corporation reported pretax book income of $1,200,000. Kumara also reports an increase in the taxable temporary differences of $176,000, an increase in the deductible temporary differences of $171,000, and favorable permanent differences of $176,000. Assuming a tax rate of 21 percent, compute the company's deferred income tax expense or benefit. what is the deferred income expense

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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