(Computing income taxes) The William B. Waugh Corporation is a regional Toyota dealer. The firm sells new and used trucks and is actively involved in the parts business. During the most recent year, the company generated sales of $3.05 million. The combined cost of goods sold and the operating expenses were $2.18 million. Also, $417,000 in interest expense was paid during the year. Calculate the corporation's tax liability by using the corporate tax rate structure in the popup window, .... The corporation's tax liability is $. (Round to the nearest dollar.)

(Computing income taxes) The William B. Waugh Corporation is a regional Toyota dealer. The firm sells new and used trucks and is actively involved in the parts business. During the most recent year, the company generated sales of $3.05 million. The combined cost of goods sold and the operating expenses were $2.18 million. Also, $417,000 in interest expense was paid during the year. Calculate the corporation's tax liability by using the corporate tax rate structure in the popup window, .... The corporation's tax liability is $. (Round to the nearest dollar.)

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter3: Cost-volume-profit Analysis

Section: Chapter Questions

Problem 9MC: A company has pre-tax or operating income of $120,000. If the tax rate is 40%, what is the companys...

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↑ (Corporate income tax) G. R. Edwin Inc had sales of $6.09 million during the past year. The cost of goods sold amounted to $2.5 million Operating expenses totaled $2.54 million, and interest expense was $25,000. Use the corporate tax rates shown in the popup window to determine the firm's tax liability What are the firm's average and marginal tax rates? The firm's tax liability for the year is $ (Round to the nearest dollar)
Income: 120,000 Federal Payroll Tax Rate: 15.3% State Tax Rate: 4 % *Round all answers to 2 decimal places* a) Compute the total tax paid b) What is the marginal tax rate? c) What is the average tax rate? Federal Income Tax: $0 to $15,000 $15,001 to $50,500 $50,501 to $165,000 8% 14% 23%
For income tax purposes, what is the amount of gross income given the following amounts? Gross sales 4,000,000.00 Sales discounts, returns and allowances 100,000.00 Cost of sales 1,500,000.00 Itemized deductions 800,000.00 Given the amount, how much is the minimum corporate income tax? Group of answer choices P78,000.00 P34,000.00 P32,000.00 P48,000.00
Effective income tax rate After-tax MARR EOY BTCF 0$ (95,000.00) - 1$ 37,000.00 $ 2 $ 3 $ 4 $ Depreciation Taxable Income Income Taxes ATCF 37,000.00 $ 37,000.00 $ 50% 12% 23,750.00 $ 23,750.00 $ 37,000.00 $ 23,750.00 $ $ (95,000.00) 23,750.00 $ 13,250.00 -$6,625.00 $ 30,375.00 13,250.00 -$6,625.00 $ 30,375.00 13,250.00 -$6,625.00 $ 30,375.00 13,250.00 -$6,625.00 $ 30,375.00 For the given table, find the EVA in year 3 (please round the result to integer, e.g., if the result is $ 5,732.07, fill in 5732); Should this project be invested based on the annual/present/future equivalent EVA (fill in "1" if the answer is "yes", otherwise fill in "0")?
$695.00 ÷ 26 = $26.73 tax per pay period Practice Using the following graduated income tax rates, find the tax withheld per pay period. State Tax Rate 2.75% 3.25% 5.00% Annual Income Earned First $10,000 Next $15,000 Over $25,000 1. Annual salary: $38,550; personal exemptions: $4,400; paid biweekly. 2. Annual salary: $47,425; personal exemptions: $3,000; paid weekly. 3. Annual salary: $29,149; personal exemptions: $2,200; paid monthly. 4. Annual salary: $24,872; personal exemptions: $1,500; paid semimonthly. 5. Standardized Test Practice Mitchell Gomez is an auto mechanic. His annual gross salary is $35,500. He is married with 1 dependent, allowing him $3,700 in yearly personal exemptions. If his state income tax is based on the following graduated rate, how much is withheld from his semimonthly paycheck? State Tax Rate 3.25% 3.60% 4.90% A. $46.49 B. $54.04 Annual Income Earned First $15,000 Next $15,000 Over $30,000 C. $92.98 D. $1,115.70 Copyright by The McGraw-Hill Companies, Inc.…
1. What is the tax due and payable amount in fiscal year 20x1? Fiscal year June 20, 20x1 (5th year) 20x2 Sales 80,000,000 75,000,000 Cost of Sales 50,000,000 46,875,000 Allowable Deductions excluding NOLCO 32,000,000 25,000,000 2. Using the information above, how much is tax due in fiscal year 20x2?
Question 16, P1-8 (book/static) Part 1 of 18 > Marginal corporate tax rates Using the corporate tax rate schedule given here i, perform the following: a. Find the marginal tax rate for the following levels of corporate earnings before taxes: $12,000; $40,000; $70,000; $90,000; $300,000; $550,000; $1.3 million; and $22 million. b. Plot the marginal tax rate (measured on the y-axis) against the pretax income levels (measured on the x-axis). Explain the relationship between the marginal tax rate and pretax income levels. a. The marginal tax rate for corporate earnings before taxes of $12,000 is %. (Round to the nearest integer.) More info Corporate Tax Rate Schedule Tax calculation Taxable income brackets Base tax (Marginal rate x amount over bracket lower limit) $0) 50,000) 75,000) 100,000) 335,000) 10,000,000) 15,000,000) 18,333,333) $0 to $50,000 $0 x amount over (15% (25% (34% + 50,000 to 75,000 7,500 x amount over + 75,000 to 100,000 13,750 x amount over (39% (34% (35% (38% (35%…
d cion The table given below shows the absolute tax amounts under five different tax policies for respective income levels. Table 19.2 Annual Pretax Income Tax Policy Alpha O Gamma. Alpha. SO $0 $0 $0 $0 $10,000 $1,000 $1,000 $1,000 $1,000 $1,000 $50,000 $5,000 $6,000 $4,000 $1,000 $900 $100,000 $10,000 $15,000 $6,000 $1,000 $800 Beta. O Eta. Refer to Table 19.2. The tax structure which leads to maximum income inequality is: Delta. Tax Policy Beta Question 18 Tax Policy Gamma 27 Tax Policy Delta Tax Policy Eta $0 tv 9 N 4.nts. N
Over But not over Tax is: Of amount over: $0 $50,000 15% $0 $50,000 $75,000 $7,500 + 25% $50,000 $75,000 $100,000 $13,750 + 34% $75,000 $100,000 $335,000 $22,250 + 39% $100,000 $335,000 $10,000,000 $113,900 + 34% $335,000 $10,000,000 $15,000,000 $3,400,000 + 35% $10,000,000 $15,000,000 $18,333,333 $5,150,000 + 38% $15,000,000 $18,333,333 _______ 35% $0 Refer to the table above: A firm has $12,000,000 in taxable income. What is the firm’s tax bill?
Table 1.4 Use the following tax rates and income brackets to answer the following question(s). Tax Rate Individual Returns 10% $0 to $8,350 15% $8,351 to $33,950 $33,951 to $82,250 $82,251 to $171,550 $171,551 to $372,950 Over $372,951 25% 28% 33% 35% Joint Returns $0 to $16,700 $16,701 to $67,900 $67,901 to $137,050 $137,051 to $208,850 $208,851 to $372,950 $16,750 $18,836 $22,425 $25,116 Over $372,951 Josh earned $89,700 in taxable income and files an individual tax return. What is the amount of Josh's taxes for the year?
Over But not over Tax is: Of amount over: $0 $50,000 15% $0 $50,000 $75,000 $7,500 + 25% $50,000 $75,000 $100,000 $13,750 + 34% $75,000 $100,000 $335,000 $22,250 + 39% $100,000 $335,000 $10,000,000 $113,900 + 34% $335,000 $10,000,000 $15,000,000 $3,400,000 + 35% $10,000,000 $15,000,000 $18,333,333 $5,150,000 + 38% $15,000,000 $18,333,333 _______ 35% $0 Refer to the table above: A firm has $12,000,000 in taxable income. What is the firm’s average tax rate?
The tax rates are as shown below: Taxable Income Tax Rate $0 - 50,000 50,001 - 75,000 75,001 100,000 100,001 - 335,000 The taxable income is $80,500. How much additional tax will you owe if you increase your taxable income by $21,700? 15% 25% 34% 39%