Answered: what is the amount of income tax…

Business

Accounting

what is the amount of income tax payable for 2022?

Income Tax Fundamentals 2020

38th Edition

ISBN:9780357391129

Author:WHITTENBURG

Publisher:WHITTENBURG

Chapter11: The Corporate Income Tax

Section: Chapter Questions

Problem 15P

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1. for 2021, Forrway corporation, an accrual basis calendar year corporation, had net income per books of $ 111,550 and the following transactions: premiums on life insurance policy on its key employees-$6000 excess capital losses $2000 excess tax depreciation $9000 life insurance proceeds on life of its key employees $55000 rent income received in 2021 $40000 ( $30000 is prepaid and related to 2021) tax exempt interest income $8000 federal income tax liability for 2021 $15450 prepaid rent received and properly taxed in 2020 ( but not earned for financial accounting purpose until 2021) $15000 interest expense on tax exempt interest income item $2000 The taxable income for Forrway corporation for the tax year of 2021 is ( as computed in its schedule M-1 reconciliation) $90000 $100000 $80000 $70000 23. for 2021, Forrway corporation, an accrual basis calendar year corporation, had net income per books of $ 111,550 and the following transactions: premiums on life insurance policy on its…
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The entity reports the following transactions for the 2022 tax year. The trustee accumulates all accounting income for the year. Operating income from a business Dividend income, all from U.S. corporations (20% tax rate) Interest income, City of San Antonio bonds Trustee fees, deductible portion Net rental losses, passive activity $605,000 36,300 4,840,000 (18,150) (121,000) Click here to access tax table for this problem. Carryout the tax computations to two decimal places and round the final tax liability to the nearest dollar. Compute the Federal income tax liability for the Valerio Trust by providing the following amounts: 36,300 ✔ The amount of the trustee's gross income taxed at 20% for the Valerio Trust is $ The Trustee taxable income taxed at ordinary rates for the Valerio Trust is $ The Federal income tax liability for the Valerio Trust is $ 177,942 X. 465,850 X.
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Subject : Accounting
S Arndt, Incorporated reported the following for 2024 and 2025 ($ in millions): 2024 $932 788 $ 144 $ 112 Revenues Expenses Pretax accounting income (income statement) Taxable income (tax return) Tax rate: 25% 2025 $ 1,024 844 $ 180 $ 214 a. Expenses each year include $50 million from a two-year casualty insurance policy purchased in 2024 for $100 million. The cost is tax deductible in 2024. b. Expenses include $2 million insurance premiums each year for life insurance on key executives. c. Arndt sells one-year subscriptions to a weekly journal. Subscription sales collected and taxable in 2024 and 2025 were $51 million and $67 million, respectively. Subscriptions included in 2024 and 2025 financial reporting revenues were $45 million ($28 million collected in 2023 but not recognized as revenue until 2024) and $51 million, respectively. Hint. View this as two temporary differences-one reversing in 2024; one originating in 2024. d. 2024 expenses included a $34 million unrealized loss…
Required Information The following Information applies to the questions displayed below.) Arndt, Inc. reported the following for 2021 and 2022 ($ in millions): 2021 2022 $1,024 844 Revenues Еxpenses Pretax accounting income (income statement) Taxable income (tax return) Tax rate: 25% $ 932 788 $ 144 $ 112 S 180 24 214 a. Expenses each year include $50 million from a two-year casualty insurance policy purchased in 2021 for $100 million. The cost is tax deductible in 2021. b. Expenses include $2 million insurance premiums each year for life insurance on key executives. C. Arndt sells one-year subscriptions to a weekly journal. Subscription sales collected and taxable in 2021 and 2022 were $51 million and $67 million, respectively. Subscriptions included in 2021 and 2022 financial reporting revenues were $45 million ($30 million collected in 2020 but not recognized as revenue until 2021) and $51 million, respectively. Hint View this as two temporary differences-one reversing in 2021; one…
Required information [The following information applies to the questions displayed below.] Arndt, Incorporated reported the following for 2024 and 2025 ($ in millions): Revenues Expenses Pretax accounting income (income statement) Taxable income (tax return) Tax rate: 25% 2024 $936 792 $144 $ 108 2025 $ 1,028 848 $ 180 $ 214 a. Expenses each year include $54 million from a two-year casualty insurance policy purchased in 2024 for $108 million. The cost is tax deductible in 2024. b. Expenses include $2 million insurance premiums each year for life insurance on key executives. c. Arndt sells one-year subscriptions to a weekly journal. Subscription sales collected and taxable in 2024 and 2025 were $55 million and $71 million, respectively. Subscriptions included in 2024 and 2025 financial reporting revenues were $49 million ($32 million collected in 2023 but not recognized as revenue until 2024) and $55 million, respectively. Hint. View this as two temporary differences-one reversing in…