Last year, Whisp Nation collected total tax revenues of $1.8 billion and spent $2.1 billion on various public services. The country currently owes $6.5 billion to investors who hold its bonds and other debt obligations. What was the country's deficit for the year?
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- Find outProvide answerA state decided to increase its sales tax from 6.25% in 2010 to 6.5% in 2011. If the total value of goods sold in the state was $4 million in 2010 and $3.9 million in 2011, which of the following statements best describes the change in sales tax revenue of the state from 2010 to 2011? A) From 2010 to 2011, the sales tax revenue increased by $3,500. B) From 2010 to 2011, the sales tax revenue increased by $2,000. C) From 2010 to 2011, the sales tax revenue decreased by $2,500. D) From 2010 to 2011, the sales tax revenue decreased by $7,500.
- In the year 2018, a corporation made $20.4 Million in revenue, $2.42 Million of operating expenses, and depreciation expenses of $7.37 Million. The state income tax rate is 1010% and the federal income tax rate is 21%. How much (a) state income tax, and (b) federal income tax will this corporation pay in this tax year? Assume that the state income tax is a tax-deductable expence when filing federal income tax. The approximate state income tax rate is $ The approximate federal tax is $ The combined effective income tax rate is The ATCF for the year 2018 is $ Million (Round to three decimal places.) _Million. (Round to three decimal places.) (Round to the nearest decimal.) Million (Round to three decimal places.)In decimal notation, the average amount of taxes paid is % of the total amount of money taken in. In scientific notation, the average amount of taxes paid is % of the total amount of money taken in. The total amount of money taken in by the federal government in 2014 was about 3.51 trillion dollars. Among those earning 10 million dollars or more, the average amount of taxes paid was $7.83 x 10°. That's an awful lot of money. But what percentage is that of the government's revenue? Write in both decimal and scientific notation. Round your answer to seven decimal places for decimal notation, and one decimal place for scientific notation. In decimal notation, the average amount of taxes paid is In scientific notation, the average amount of taxes paid is % of the total amount of money taken in % of the total amount of money taken in. X C.Dhe Wendt Corporation reported $30 million of taxable income. Its federal tax rate was 21% (ignore any possible state corporate taxes). What is the company's federal income tax bill for the year? Enter your answer in dollars. For example, an answer of $1.2 million should be entered as 1,200,000. Round your answer to the nearest dollar. $ Assume the firm receives an additional $4 million of interest income from some bonds it owns. What is the additional tax on this interest income? Enter your answer in dollars. For example, an answer of $1.2 million should be entered as 1,200,000. Round your answer to the nearest dollar. $ Now assume that Wendt does not receive the interest income but does receive an additional $4 million as dividends on some stock it owns. Recall that 50% of dividends received are tax exempt. What is the additional tax on this dividend income? Enter your answer in dollars. For example, an answer of $1.2 million should be entered as 1,200,000. Round your answer…
- In the year 2018, a corporation made $18.5Million in revenue, $2.1 Million of operating expenses, and depreciation expenses of $6.9 Million. The state income tax rate is 10% and the federal income tax rate is 21%. The approximate state income tax rate is 3 decimals The approximate federal tax is The combined effective income tax rate is The ATCF for the year 2018 is 3 decimals Nearest decimal 3 decimal placesA domestic corporation started its operations in year 2008. The following data on income taxes during the years 2012 to 2019 were made available: YEAR RCIT MCIT 2012 25,000 100,000 2013 100,000 150,000 2014 300,000 190,000 2015 250,000 300,000 2016 100,000 50.000 2017 70,000 50.000 2018 5.000 40.000 2019 85,000 60,000 How much is the income tax payable for the year 2018 and 2019, respectively? O 50,000 : 70.000 O 40,000 ; 85,000 O 40,000: 50,000 O None of the choicesGeneral accounting
- The Massoud Consulting Group reported net income of $1,354,000 for its fiscal year ended December 31, 2021. In addition, during the year the company experienced a positive foreign currency translation adjustment of $240,000 and an unrealized loss on debt securities of $80,000. The company’s effective tax rate on all items affecting comprehensive income is 25%. Each component of other comprehensive income is displayed net of tax.Required:Prepare a separate statement of comprehensive income for 2021.What is the dollar amount of taxes paid on these financial accounting question?What is the interest taxt shield ? General accounting
