The Ohio Corporation had a 2018 taxable income of $50,000,000 from operations after all operating costs but before (1) interest charges of $500,000, (2) dividends received of $45,000, (3) dividends paid of $10,000,000, and (4) income taxes. Using the tax schedule in Table 2.3, what is Ohio's income tax liability? What are Ohio's average and marginal tax rates on taxable income from operations? Multiple Choice O $6.416,667, 12.83%, 35%, respectively O $17,329,725, 34.66%, 35%, respectively O $13,829725, 27.66%, 35%, respectively $17,340,750, 34 68%, 35%, respectively

The Ohio Corporation had a 2018 taxable income of $50,000,000 from operations after all operating costs but before (1) interest charges of $500,000, (2) dividends received of $45,000, (3) dividends paid of $10,000,000, and (4) income taxes. Using the tax schedule in Table 2.3, what is Ohio's income tax liability? What are Ohio's average and marginal tax rates on taxable income from operations? Multiple Choice O $6.416,667, 12.83%, 35%, respectively O $17,329,725, 34.66%, 35%, respectively O $13,829725, 27.66%, 35%, respectively $17,340,750, 34 68%, 35%, respectively

Financial Management: Theory & Practice

16th Edition

ISBN:9781337909730

Author:Brigham

Publisher:Brigham

Chapter2: Financial Statements, Cash Flow,and Taxes

Section: Chapter Questions

Problem 10MC

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The Ohio Corporation had a 20XX taxable income of $50,000,000 from operations after all operating costs but before 1. interest charges of $500,000, 2. dividends received of $45,000, 3. dividends paid of $10,000,000, and 4. income taxes. Using the tax schedule in Table 2.3. what is Ohio's income tax liability? What are Ohio's average and marginal tax rates on taxable income from operations? Multiple Choice $17,329,725, 34.66%, 35%, respectively $13,829,725, 27.66%, 35%, respectively $17,340.750, 34.68%, 35%, respectively $6,416,667, 12.83%, 35%, respectively
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