Need help this question general accounting Hunt Taxidermy, Inc., is concerned about the taxes paid by thecompany in 2012. In addition to $42.2 million of taxable income,the firm received $2,990,000 of interest on state-issued bonds and$1,300,000 of dividends on common stock it owns in OakdaleFashions, Inc.a. Calculate Hunt Taxidermy's tax liability.b. Calculate Hunt Taxidermy's average tax rate.c. Calculate Hunt Taxidermy's marginal tax rate.

Part (a) - Calculate Hunt Taxidermy's tax liabilityTaxable Income: Hunt Taxidermy's taxable income…

Answered: Hunt Taxidermy, Inc., is concerned…

CONCEPTS IN FED.TAX.,2020-W/ACCESS

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter7: Losses—deductions And Limitations

Section: Chapter Questions

Problem 70IIP

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Hunt Taxidermy, Inc., is concerned about the taxes paid by the company in 2021. In addition to $7.5 million of taxable income, the firm received $614,000 of interest on state-issued bonds and $340,000 of dividends on common stock it owns in Oakdale Fashions, Inc. (Use corporate tax rate of 21 percent for your calculations.) Calculate Hunt Taxidermy’s tax liability. (Enter your answer in dollars not in millions. Round your answer to the nearest dollar amount.) Calculate Hunt Taxidermy’s average tax rate. (Round your answer to 2 decimal places.) Calculate Hunt Taxidermy’s marginal tax rate.
Hunt Taxidermy, Inc., is concerned about the taxes paid by the company in 2021. In addition to $12.7 million of taxable income, the firm received $1,260,000 of interest on state-issued bonds and $1,000,000 of dividends on common stock it owns in Oakdale Fashions, Inc. (Use corporate tax rate of 21 percent for your calculations.) Calculate Hunt Taxidermy's tax liability. (Enter your answer in dollars not in millions. Round your answer to the nearest dollar amount.) Tax liability Calculate Hunt Taxidermy's average tax rate. (Round your answer to 2 decimal places.) Average tax rate % Calculate Hunt Taxidermy's marginal tax rate. Marginal tax rate
Hunt Taxidermy, Inc., is concerned about the taxes paid by the company in 2021. In addition to $42.4 million of taxable income, the firm received $2,975,000 of interest on state-issued bonds and $1,000,000 of dividends on common stock it owns in Oakdale Fashions, Inc. (Use corporate tax rate of 21 percent for your calculations.) Calculate Hunt Taxidermy's tax liability. (Enter your answer in dollars not in millions. Round your answer to the nearest dollar amount.) Tax liability $ 9,154,425
In 2010, Garner Grocers had taxable income of -$2,000,000. The corporate tax rate is 25%. Assume that the company takes full advantage of the Tax Code’s carry-forward provision. In 2021, Garner has taxable income of $1,000,000. What is the amount of taxes the company paid in 2021? a. $20,000 b. $8,000 c. $0 d. $90,000 e. $586,500
What is the amount of taxes the company paid in 2008?
Harper Company began operations at the beginning of 2021. The following information pertains to this company. 1. Pretax financial income:2021 $ 850,0002022 1,250,0002023 2,875,0002. The tax rate enacted for 2021 is 20%.3. Differences between the 2021 income statement and tax return are listed below: (a) Interest revenue earned on an investment in tax-exempt municipal bonds amounts to $3,000 in 2021, $1,500 in 2022, and $2,000 in 2023.(b) Revenue in 2023 on a construction contract is $800,000 for tax purposes. For financial statement purposes, revenue will amount to $100,000 in 2021, $300,000 in 2022, and the remainder in 2023. This is Harper’s only construction contract during 2021-2023.(c) Depreciation of equipment for financial reporting purposes is calculated using the straight-line method. Harper purchased equipment on January 1, 2022 at a cost of $50,000. The equipment has a life of 5 years and a $5,000 salvage value. Depreciation of the equipment for the tax return will be based…
Simpsom Inc. had a taxable income of $500,000 in 2012. What is the federal income tax for the company? A. $75,000 B. $125,000 C. $170,000 D. $178,250
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Ivanhoe Property Management Company announced that in the year ended June 30, 2017, its earnings before taxes amounted to $1,452,000. Calculate its taxes using Exhibit 3.6. (Round answers to 2 decimal places, e.g. 15,175.25.) Exhibit 3.6 U.S. Federal Corporate Income Tax Rates for 2016 The federal corporate marginal tax rate varies from 15 to 39 percent. Generally speaking, smaller companies with lower taxable income have lower tax rates than larger companies with higher taxable incomes. Smaller businesses are given preferential treatment to encourage new business formation. (1) Corporations Taxable Income $0-$50,000 50,001-75,000 75,001-100,000 100.001-335.000 335.001-10,000,000 10,000,001-15,000,000 15.000,001-18,333.333 More than 18.333,333 Pay This Amount on the Base of the Bracket S 0 7,500 13,750 22,250 113.900 3,400,000 5,150,000 6,416.667 (3) Marginal Tax Rate: Tax Rate on the Excess Over the Base 15% 25 34 39 34 35 38 35 Average Tax Rate at Top of Bracket 15.0% 18.3 22.3 34.0…
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Goose Industries faces the following tax schedule. Last year the company realized $15,000,000 in operating income (EBIT). Its annual interest expense is $7,500,000. (1) Compute the company’s income taxes payable? Use the tax rate table below. (2) What was the company’s net income for the year? If a corporation's taxable income is It pays this amount on the base of the bracket Plus this percentage on the excess over the base (marginal rate) Average tax rate at top of bracket Up to $50,000 $0 15% 15.0% $50,000 – $75,000 $7,500 25% 18.3% $75,000 – $100,000 $13,750 34% 22.3% $100,000 – $335,000 $22,250 39% 34.0% $335,000 – $10,000,000 $113,900 34% 34.0% $10,000,000 – $15,000,000 $3,400,000 35% 34.3% $15,000,000 – $18,333,333 $5,150,000 38% 35.0% Over $18,333,333 $6,416,667 35% 35.0% (1) $2,436,000 (2) $4,950,000 (1) $2,550,000 (2) $4,950,000 (1) $2,550,000 (2)…

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