Ashton Corporation is headquartered in Pennsylvania and has a state income tax base there of $543,000. Of this amount, $63,000 was nonbusiness income. Ashton's Pennsylvania apportionment factor is 42.35 percent. The nonbusiness income allocated to Pennsylvania was $28,250. Assuming a Pennsylvania corporate tax rate of 8.25 percent, what is Ashton's Pennsylvania state tax liability?
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- Ashton Corporation is headquartered in Pennsylvania and has a state income tax base there of $550.000. Of this amount, $89.000 was nonbusiness income. Ashton's Pennsylvania apportionment factor is 41.70 percent. The nonbusiness income allocated to Pennsylvania was $47,500. Assuming a Pennsylvania corporate tax rate of 8.25 percent, what is Ashton's Pennsylvania state tax liability? Note: Round your answer to the nearest whole dollar amount. State tax liability → $ 19,860Cromwell Corporation does business in two states, A and B. State A uses an equal-weighted, three-factor apportionment formula and has a 5 percent state tax rate. State B uses an apportionment formula that double-weights the sales factor and has a 6 percent state tax rate. Cromwell's state-level taxable income, before apportionment, is $3.5 million. It has identified the following components of its sales, payroll, and property factors: Sales Payroll Average property Required: State A $ 7,500,000 3,500,000 2,500,000 State B $ 4,750,000 2,700,000 1,550,000 Total $ 12,250,000 6,200,000 4,050,000 a. Calculate Cromwell's apportionment factors, income apportioned to each state, and state tax liability. b. State B is considering changing its apportionment formula to place 100 percent of the weight on the sales factor, ignoring payroll and property for apportionment purposes. Given its current levels of activity, what would Cromwell's state tax liability be for each state? Answer is not…Cromwell Corporation does business in two states, A and B. State A uses an equal-weighted, three-factor apportionment formula and has a 5 percent state tax rate. State B uses an apportionment formula that double-weights the sales factor and has a 6 percent state tax rate. Cromwell's state-level taxable income, before apportionment, is $3.5 million. It has identified the following components of its sales, payroll, and property factors: Sales Payroll Average property Required A Required B State A $ 7,500,000 3,500,000 2,500,000 Required: a. Calculate Cromwell's apportionment factors, income apportioned to each state, and state tax liability. b. State B is considering changing its apportionment formula to place 100 percent of the weight on the sales factor, ignoring payroll and property for apportionment purposes. Given its current levels of activity, what would Cromwell's state tax liability be for each state? Complete this question by entering your answers in the tabs below.…
- A corporation has a taxable income of $2,282,175. At this income level, the federal income rate is 47%, the state tax rate is 20%, and the local tax rate is 11%. If each tax rate is applied to the the total taxable income, the company would have to pay $2,282,175 * 0.47 in federal taxes. Luckily for the corporation, the taxes paid are deducted as described above. How much is paid in federal taxes if the customary deductions are taken into consideration? $ . Round to the nearest dollar. A corporation's taxable income is taxed at the federal, state, and local levels. It is customary for an agency to deduct the taxes paid to the other agencies before computing the company's tax liability. For example, the federal taxes are based on the income that remains after the state and local taxes are deducted. Similarly, the state taxes are based on the income that remains after federal and local taxes are deducted; the local taxes are based on the income that…A corporation has a taxable income of $2,122,324. At this income level, the federal income rate is 49%, the state tax rate is 18%, and the local tax rate is 9%. If each tax rate is applied to the the total taxable income, the company would have to pay $2,122,324 * 0.49 in federal taxes. Luckily for the corporation, the taxes paid are deducted as described above. How much is paid in federal taxes if the customary deductions are taken into consideration?Cromwell Corporation does business in two states, A and B. State A uses an equal-weighted, three-factor apportionment formula and has a 5 percent state tax rate. State B uses an apportionment formula that double-weights the sales factor and has a 6 percent state tax rate. Cromwell's state-level taxable income, before apportionment, is $2 million. It has identified the following components of its sales, payroll, and property factors: Sales Payroll Average property State A $ 6,000,000 2,000,000 1,000,000 Required A Required B Required: a. Calculate Cromwell's apportionment factors, income apportioned to each state, and state tax liability. b. State B is considering changing its apportionment formula to place 100 percent of the weight on the sales factor, ignoring payroll and property for apportionment purposes. Given its current levels of activity, what would Cromwell's state tax liability be for each state? Complete this question by entering your answers in the tabs below. Apportionment…
- A corporation has a taxable income of $2,648,421. At this income level, the federal income rate is 51%, the state tax rate is 22%, and the local tax rate is 12%. If each tax rate is applied to the the total taxable income, the company would have to pay $2,648,421 * 0.12 in local taxes. Luckily for the corporation, the taxes paid are deducted as described above. How much is paid in local taxes if the customary deductions are taken into consideration? $ . Round to the nearest dollar. A corporation's taxable income is taxed at the federal, state, and local levels. It is customary for an agency to deduct the taxes paid to the other agencies before computing the company's tax liability. For example, the federal taxes are based on the income that remains after the state and local taxes are deducted. Similarly, the state taxes are based on the income that remains after federal and local taxes are deducted; the local taxes are based on the income that remains…Relix, Inc., is a domestic corporation. Relix, Inc., reported two permanent differences between book and taxable income. It earned $2,375 in tax-exempt municipal bond interest, and it incurred $780 in nondeductible business meals expense. Relix's book income before tax is $4,800. Assume a 21% Federal corporate tax rate. Provide the information for the income tax footnote rate reconciliation for Relix. For dollar amounts, round to the nearest dollar and use rounded amounts in subsequent computations. For the percentage answers, round to four decimal places before converting to a percentage. For example, round .56329 to .5633 and enter as 56.33%. Dollars Percentage Tax on book income at U.S. statutory rate % Tax-exempt income % Nondeductible business meals % Provision for income tax expense %Herger Corporation does business in California, Nevada, and Oregon and has income tax nexus in these states as well. Herger's California state tax base was $939,500 after making the required federal/state adjustments. Herger's federal tax return contains the following items: Item Amount Federal T-note interest income $ 4,700 Nevada municipal bond interest income $ 4,040 California municipal bond interest income $ 6,400 Interest expense related to T-note interest income $ 1,710 Royalty income $ 112,000 Travel expenses $ 9,300 Determine Herger's business income.
- A corporation has a taxable income of $2,302,253. At this income level, the federal income rate is 49%, the state tax rate is 20%, and the local tax rate is 13%. If each tax rate is applied to the the total taxable income, the company would have to pay $2,302,253 * 0.49 in federal taxes. Luckily for the corporation, the taxes paid are deducted as described above. How much is paid in federal taxes if the customary deductions are taken into consideration? $ . Round to the nearest dollar.A corporation has a taxable income of $2,039,602. At this income level, the federal income rate is 50%, the state tax rate is 20%, and the local tax rate is 11%. If each tax rate is applied to the the total taxable income, the company would have to pay $2,039,602 * 0.11 in local taxes. Luckily for the corporation, the taxes paid are deducted as described above. How much is paid in local taxes if the customary deductions are taken into consideration?Jurisdiction B levies a flat 7 percent tax on the first $5 million of annual corporate income. Required: Jersey Incorporated generated $2.7 million income this year. Compute Jersey’s income tax and determine its average and marginal tax rate on total income. Leray Incorporated generated $7.4 million income this year. Compute Leray’s income tax and determine Leray’s average and marginal tax rate on total income. What type of rate structure does Jurisdiction B use for its corporate income tax?