If a company earns $48,000 income on a municipal bond and the tax rate is 20%, Income tax expense would exceed income taxes to pay by 48,000 x .20 Income tax expense would be less than income taxes to pay by 48,000 x .20 The current portion of income taxes would exceed income tax expense by $48,000. Income tax expense would equal income taxes to pay.

Q: An S corporation earns $ 7.20 per share before taxes. The corporate tax rate is​ 39%, the personal…

A: The earnings per share is $7.20. The personal tax rate on non-dividend income is 36%.

Q: A small corporation is expecting an annual taxable income of $45,000 for its tax year. It is…

A: Income tax: Income tax can be defined as the charges applied by the government on the income earned…

Q: 20) A C corporation earns $8.30 per share before taxes and the company pays a dividend of $2.00 per…

A: Dividend = d = $2Corporate Tax Rate = ct = 39%

Q: The corporate tax rates are as follows: Taxable income ($) Tax rate 0- 50,000 15% 50,001- 75,000…

A: Tax rates are taken into account by businesses when choosing where to locate, invest, and grow. A…

Q: Holly's Art Galleries recently reported $15.8 million of net income. Its EBIT was $25 million, and…

A: Here, Net Income is $15,800,000 EBIT is $25,000,000 Federal Tax Rate is 21%

Q: For its current tax year, Ilex Corporation has ordinary income of $250,000, a short-term capital…

A: As it is given in the question, Prior to 2018, the U.S. corporate tax rate structure had eight tax…

Q: what is the possible tax implication?

A: Corporate tax rate = 25% Allowable deductions = P150,000 for November Allowable deductions =…

Q: Use the following information for Taco Swell, Incorporated, (assume the tax rate is 21 percent):…

A: Income and balance sheet statements:

Q: How much is the income tax expense/(benefit) for the fourth quarter?

A: Income tax expense/(benefit) for the fourth quarter = (34,000)

Q: An S corporation earns $4.7 per share before taxes. The corporate tax rate is​ 35%, the personal tax…

A: In S corporation is a type of business format in which the income is directly transferred to the…

Q: Sparks Company's SUTA rate for next year is 3.25% because its reserve ratio falls into the state's…

A: Average Payroll = $3,521,790 Contributions - Benefits Paid = $414,867 Contributions - Benefits Paid…

Q: 25. Calculate the amount of corporate income tax due and the net income after taxes (in $) for the…

A: Formula: Tax liability = Taxable income x Tax rate

Q: a. $950,000

A: To calculate the tax refundable for the company, we need to first calculate the total tax liability…

Q: During 2020, Crane Inc. had sales revenue $1328000, gross profit $728000, operating expenses…

A: Income tax expense : Income tax expense is the taxes owed by the company to a taxing authority.…

Q: Holly’s Art Galleries recently reported $7.9 million of net income. Its EBIT was $13 mil-lion, and…

A: EBIT = $13 million Net income = $7.9 million Tax rate = 21%

Q: 25. Calculate the amount of corporate income tax due and the net income after taxes (in $) for the…

A: Formula: Net income after taxes = Taxable income - Tax liability

Q: Refer to the Tax Rate Table below (or Table 2.3 in the book). Corporation Growth has $92000 in…

A: Income tax is charged on the taxable income of the corporation. It can be calculated on the basis of…

Q: #2

A: Detailed explanation:

Q: Byron Books Inc. recently reported $15million of net income. Its EBIT was$20.8million, and its tax…

A: Step 1: Pre Tax is the income calculated before tax and net income is calculated after the tax. In…

Q: An S corporation earns $4.4 per share before taxes. The corporate tax rate is 35%, the personal tax…

A: In S corporation is a type of business format in which the income is directly transferred to the…

Q: What is the amount of Taxes Owed for the period if the tax rate is 30%, if Earnings Before Taxes (…

A: Taxes are the amount due to the government on the income earned by an individual or a company. The…

Q: Using the marginal tax rate below, calculate the tax liability for A.B.C Company when it has a…

A:

Q: Assume a corporation has earnings before depreciation and taxes of $145,000, depreciation of…

A: Earnings before depreciation and taxes = $145,000Depreciation =$35,000Tax rate = 30%

Q: (Philippine domestic corporation) Questions: 1. How much is the income tax payable for 2020?…

A: Philippines corporate tax rate:-  The corporate income tax rate both for domestic and resident…

Q: You have calculated the adjusted profit for the company to be $2,000,000. Capital Allowance was…

A: Here's the step-by-step calculation and why the other options are incorrect:Step 1: Calculate Tax…

Q: If a company's net income before tax is $500. If they have a corporate income tax rate of 40% what…

A: Net income is the difference between income before tax and the tax charged to the company. It can be…

Q: Your corporation has the following cash flows: Operating income $250,000 Interest received $ 10,000…

A: The correct option is  C. $88,400

Q: A division of Midland Oil & Gas has a taxable income (TI) of $8.7 million for a tax year. If the…

A: Taxable Income: $8,500,000 State tax rate: 6% Before tax rate of return: 22% Equivalent after tax…

Q: Given this tax table, what is the average tax rate for a firm with taxable income of $160,000?…

A: Under Tax slab system, the taxable value is divided into several different level and for each level…

Q: Provide solution for this question

A: Step 1: Introduction to the Net IncomeAfter deducting all the expenses related to the manufacturing,…

Q: Corporate Taxes: An Example To illustrate certain portions of the tax laws for a corporation, assume…

A: Income statement of an entity shows its profitability position.

Q: In 2020, Collins Co. had taxable income of -$5,600,000. In 2021, the firm has taxable income of…

A: The provision allows firms to offset future taxable income by the amount of the previous year's…

Q: The tax rates are as shown below: Taxable Income $0 - 50,000 50,001 - 75,000 75,001 100,000 100,001…

A: Tge Tax on an income is the amount of charge to be paid to the government calculated as a percentage…

Q: Assume that The Bell Company operates in an industry for which NOL carryback is allowed. The Bell…

A: Income tax  refund  will be receivable of previous  2 year

Q: How much tax is Bison Co's tax expense, if it has $365,000 in gross income realized, $10,000…

A: Given, Gross Income = $365,000 Interest on Municipal bonds = $8,000 Tax credits = $164,000…

Q: How much is the income tax expense/(benefit) for the third quarter? (NOTE: If your answer is an…

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

Q: Tokwa't Baboy Company prepared the following reconciliation of income per books with income per tax…

A: Note:  income tax provision is created on taxable income.   Total provision for income tax =…

Q: In the year 2018, a corporation made $20.4 Million in revenue, $2.42 Million of operating expenses,…

A: Answer:-The amount of income tax that must be paid in relation to the taxable income is generally…

Q: In the year 2018, a corporation made $18.5Million in revenue, $2.1 Million of operating expenses,…

A: Answer:-The amount of income tax that must be paid in relation to the taxable income is generally…

Q: An S corporation earns $4.9 per share before taxes. The corporate tax rate is 35%, the personal tax…

A: Taxes is that amount which is paid by every person / entity on his income earned by government.…

Q: In 2020, Appalachian Airlines had taxable income of -$3,000,000. In 2021, the company has taxable…

A: The objective of the question is to calculate the tax payable by Appalachian Airlines in 2021,…

Q: c. P60,000

A: Computation of Total amount of tax payable for the year 2022   2020 2021 2022 Regular Corporate…

Q: If gross profit on installment sales for tax purposes is less than gross profit on installment sales…

A: Installment sale: This kind of sale involves a payment which could be allowed to pay over a period…

Q: 3. Pet Palace had a net income before taxes of $1,175,200. Calculate the net income after taxes.…

A: Net income after tax is calculated as net income before tax less taxes

Q: Need answer the question

A: Step 1: Calculate the Total ExpensesCost of Goods Sold (COGS): $140,000Administrative Expenses:…

Q: 25. Calculate the amount of corporate income tax due and the net income after taxes (in $) for the…

A: Net income after taxes = $10,625,500

Q: 2.     Haag Corp.'s 2021 income statement showed pretax accounting income of $2,500,000. To compute…

A: The corporation has to pay income taxes. The income taxes are paid on the taxable income using the…

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.