Required: a. Silva Corporation has $168,000 taxable income for its tax year ended December 31, 2017. b. Goyal Corporation has $168,000 taxable income for its tax year ended December 31, 2018. c. Carver Corporation has $168,000 taxable income for its tax year ended October 31, 2018.

SWFT Comprehensive Volume 2019
42nd Edition
ISBN:9780357233306
Author:Maloney
Publisher:Maloney
Chapter17: Corporations: Introduction And Operating Rules
Section: Chapter Questions
Problem 46P
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6

In each of the following cases, compute the corporation's regular tax, average tax rate and marginal tax rate: Use 2017 tax rate
schedule if needed.
Required:
a. Silva Corporation has $168,000 taxable income for its tax year ended December 31, 2017.
b. Goyal Corporation has $168,000 taxable income for its tax year ended December 31, 2018.
c. Carver Corporation has $168,000 taxable income for its tax year ended October 31, 2018.
Note: For all requirements, Do not round intermediate calculations. Round your final answer to nearest whole dollar amount and
average tax rate answer to 2 decimal places.
a.
b.
C.
Corporation's
Regular Tax
$
LA LA
X Answer is complete but not entirely correct.
Corporation's
Marginal Tax
Rate
39
%
21
%
37 X %
$
$
48,770
35,280
168,000 X
Corporation's
Average Tax
Rate
35.00
21.00
0.00
%
%
%
Transcribed Image Text:In each of the following cases, compute the corporation's regular tax, average tax rate and marginal tax rate: Use 2017 tax rate schedule if needed. Required: a. Silva Corporation has $168,000 taxable income for its tax year ended December 31, 2017. b. Goyal Corporation has $168,000 taxable income for its tax year ended December 31, 2018. c. Carver Corporation has $168,000 taxable income for its tax year ended October 31, 2018. Note: For all requirements, Do not round intermediate calculations. Round your final answer to nearest whole dollar amount and average tax rate answer to 2 decimal places. a. b. C. Corporation's Regular Tax $ LA LA X Answer is complete but not entirely correct. Corporation's Marginal Tax Rate 39 % 21 % 37 X % $ $ 48,770 35,280 168,000 X Corporation's Average Tax Rate 35.00 21.00 0.00 % % %
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