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.
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.
Chapter17: Corporations: Introduction And Operating Rules
Section: Chapter Questions
Problem 46P
Related questions
Question
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
%
%
%](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fa907acaf-9892-45fc-9e17-791a7c525f26%2F6134f1ad-ae0c-42d2-8921-e9e51b440bc9%2F8hzc2jj_processed.png&w=3840&q=75)
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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