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idend income = $1,000,000 Calculate Lintner's total tax liability using the corporate tax schedule below: Taxable Income $0-$50,000 $50,000-$75,000 $75,000-$100,000 $100,000-$335,000 $335,000-$10,000,000 $10,000,000-$15,000,000 $15,000,000-$18,333,333 Over $18,333,333 a. $7,515,881 b. $6,817,125 Oc. $7,157,982 Od. $6,492,500 66 167.875 Tax on Base of Bracket $0 7,500 13,750 22,250 113,900 3,400,000 5,150,000 6,416,667 Percentage on Excess above Base 15% 25 34 39 344 35 38 35

idend income = $1,000,000 Calculate Lintner's total tax liability using the corporate tax schedule below: Taxable Income $0-$50,000 $50,000-$75,000 $75,000-$100,000 $100,000-$335,000 $335,000-$10,000,000 $10,000,000-$15,000,000 $15,000,000-$18,333,333 Over $18,333,333 a. $7,515,881 b. $6,817,125 Oc. $7,157,982 Od. $6,492,500 66 167.875 Tax on Base of Bracket $0 7,500 13,750 22,250 113,900 3,400,000 5,150,000 6,416,667 Percentage on Excess above Base 15% 25 34 39 344 35 38 35

FINANCIAL ACCOUNTING
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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Lintner Beverage Corp. reported the following information from their financial statements: Operating income (EBIT) = $20,000,000 Interest payments on long-term debt = $1,750,000 Dividend income = $1,000,000 Calculate Lintner's total tax liability using the corporate tax schedule below: Taxable Income $0-$50,000 $50,000-$75,000 $75,000-$100,000 $100,000-$335,000 $335,000-$10,000,000 $10,000,000-$15,000,000 $15,000,000-$18,333,333 Over $18,333,333 a. $7,515,881 b. $6,817,125 c. $7,157,982 d. $6,492,500 e. $6,167,875 Tax on Base of Bracket $0 7,500 13,750 22,250 113,900 3,400,000 5,150,000 6,416,667 Percentage on Excess above Base 15% 25 34 39 344 35 38 35
Transcribed Image Text:Lintner Beverage Corp. reported the following information from their financial statements: Operating income (EBIT) = $20,000,000 Interest payments on long-term debt = $1,750,000 Dividend income = $1,000,000 Calculate Lintner's total tax liability using the corporate tax schedule below: Taxable Income $0-$50,000 $50,000-$75,000 $75,000-$100,000 $100,000-$335,000 $335,000-$10,000,000 $10,000,000-$15,000,000 $15,000,000-$18,333,333 Over $18,333,333 a. $7,515,881 b. $6,817,125 c. $7,157,982 d. $6,492,500 e. $6,167,875 Tax on Base of Bracket $0 7,500 13,750 22,250 113,900 3,400,000 5,150,000 6,416,667 Percentage on Excess above Base 15% 25 34 39 344 35 38 35
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