In 2021, NB Incorporated’s federal taxable income was $292,000. Compute the required installment payments of 2021 tax in each of the following cases:Required:NB’s 2022 taxable income is $550,000.NB’s 2022 taxable income is $935,000.NB’s 2022 taxable income is $1,362,000. a.Total installement paymentsb. total installment paymentsc. total install payments.

A corporate tax is a tax on the profits of a corporation. The taxes are paid on a company's taxable income, which includes revenue minus cost of goods sold (COGS), general and administrative (G&A) expenses, selling and marketing, research and development, depreciation, and other operating costs.a. NB's 2022 taxable income is $550,000. If the value is over $335,000 but not over $10,000,000 then the tax is: = $113,900 + 34% ($550,000-$335,000) = $113,900 + $73,100 = $187,000 b. NB's 2022 taxable income is $935,000. If the value is over $335,000 but not over $10,000,000 then the tax is: = $113,900 + 34% ($935,000-$335,000) = $113,900 + $204,000 = $317,900 c. NB's 2022 taxable income is $1,362,000. If the value is over $335,000 but not over $10,000,000 then the tax is: = $113,900 + 34% ($1,362,000-$335,000) = $113,900 + $349,180 = $463,080

Answered: In 2021, NB Incorporated’s federal…

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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Required:

NB’s 2022 taxable income is $550,000.
NB’s 2022 taxable income is $935,000.
NB’s 2022 taxable income is $1,362,000.

a.Total installement payments

b. total installment payments

c. total install payments.

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