How much is the income tax expense/(benefit) for the third quarter? (NOTE: If your answer is an expense, indicate a positive amount. If your answer is a benefit, indicate a negative amount) 1st quarter300,00030%2nd quarter(120,000)27%3rd quarter225,0004th quarter(170,000)Net income/(loss) for the quarterIncome tax rate25%20%

Formula: Income tax expense amount = Net income x Tax rate

Answered: How much is the income tax…

How much is the income tax expense/(benefit) for the third quarter? (NOTE: If your answer is an expense, indicate a positive amount. If your answer is a benefit, indicate a negative amount)

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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Concept explainers

Fringe Benefit Tax

Fringe benefits are in addition to the compensation that companies give to their employees. It is an additional benefit above the stated salary. It helps to keep the employees of the firm motivated as sometimes the only salary is not enough to retain the quality employees of the firm. There are different types of fringe benefits. Fringe benefits are given in both private as well as public enterprises.

Question

How much is the income tax expense/(benefit) for the third quarter? (NOTE: If your answer is an expense, indicate a positive amount. If your answer is a benefit, indicate a negative amount)

1st quarter
300,000
30%
2nd quarter
(120,000)
27%
3rd quarter
225,000
4th quarter
(170,000)
Net income/(loss) for the quarter
Income tax rate
25%
20%

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