Marsden Inc., a Canadian public company, has 2020 Taxable Income of $362,000. It has permanent establishments in Onta Manitoba and the U.S. Its 2020 gross revenues and 2020 wages and salaries at these establishments are as follows: Gross Salaries Revenues Salaries $840,000 $300,000 540,000 1,080,000 480,000 360,000 $2,400,000 $1,200,000 Ontario Manitoba U.S. Total Calculate federal Tax Payable for the taxation year ending December 31, 2020.

Marsden Inc., a Canadian public company, has 2020 Taxable Income of $362,000. It has permanent establishments in Onta Manitoba and the U.S. Its 2020 gross revenues and 2020 wages and salaries at these establishments are as follows: Gross Salaries Revenues Salaries $840,000 $300,000 540,000 1,080,000 480,000 360,000 $2,400,000 $1,200,000 Ontario Manitoba U.S. Total Calculate federal Tax Payable for the taxation year ending December 31, 2020.

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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Question

Marsden Inc., a Canadian public company, has 2020 Taxable Income of $362,000. It has permanent establishments in Ontario,
Manitoba and the U.S. Its 2020 gross revenues and 2020 wages and salaries at these establishments are as follows:
Gross
Salaries
Revenues
Salaries
$840,000
$300,000
Ontario
Manitoba
1,080,000
540,000
480,000
360,000
U.S.
Total
$2,400,000 $1,200,000
Calculate federal Tax Payable for the taxation year ending December 31, 2020.

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