R Corp. prepared the following reconciliation of income per books with income per tax return for the year ended December 31, 2002: Book income before income taxes P900,000 Add: Construction contract revenue which will reverse in 2005 120,000 Less: Depreciation expense which will reverse in equal amounts in each of the next 4 yrs (480,000) P540.000

R Corp. prepared the following reconciliation of income per books with income per tax return for the year ended December 31, 2002: Book income before income taxes P900,000 Add: Construction contract revenue which will reverse in 2005 120,000 Less: Depreciation expense which will reverse in equal amounts in each of the next 4 yrs (480,000) P540.000

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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Refer to the following table to answer the following questions: 2012 Federal Income Tax Brackets Taxable Income Tax Rate 10 percent $0-$8,700 $8,701-$35,350 15 percent 25 percent $85,651-$178,650 28 percent $178,651-$388,350 33 percent 35 percent $35,351-$85,650 Over $388,350 Using the table, what is the total payroll tax bill (assume zero state and local income taxes) for someone who makes $67,000 per year? O $5.125.50 O $17.905.25 O $23,030.75 O $16.933.75 O $13.751.25
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