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Formula: Add, Subtract; Cell Referencing Using Excel to Determine Income Tax Effects PROBLEM At December 31, 2022 and 2023, Secor Inc. reported amounts for a deferred tax asset. Information concerning the company's income taxes is provided here. Deferred tax asset, December 31, 2022 Deferred tax asset, December 31, 2023 Current tax expense 2023 Ś 40,000 62,000 70,000 Student Work Area Required: Provide input into cells shaded in yellow in this template. Use mathematical formulas with cell references to the Problem area or to this work area. What amount should Secor report as total 2020 income tax expense? 2023 income tax expense Current Tax Expense Prepare the journal entries to record income taxes for 2020. Income Tax Payable Deferred Tax Expense $ Current Tax Expense 22,000 Debit 70,000 22,000 Credit 70,000 22,000

Exercise 16-32 (Algo) Tax credit; uncertain tax position [LO16-9] Delta Catfish Company has taken a position in its tax return to claim a tax credit of $20 million (direct reduction in taxes payable) and has determined that its sustainability is "more likely than not,”" based on its technical merits. Delta has developed the probability table shown below of all possible material outcomes: Probability Table ($ in millions) Amount of the tax benefit that management expects to receive Percentage likelihood that the tax benefit will be sustained at this level $20 $20 $18 $6 $4 10% 20% 25% 20% 25% Delta's taxable income is $88 million for the year. Its effective tax rate is 25%. The tax credit would be a direct reduction in current taxes payable. Required: 1. At what amount would Delta measure the tax benefit in its income statement? 2. Prepare the appropriate journal entry for Delta to record its income taxes for the year.

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Class Discussion No. 3 Please review the following information and explain the "total expense" for both companies. What can you get out of this breakdown of their total tax expense? What does it mean? Which company is better off? LawnCo TreeCo Book income before tax $600,000 $780,000 Current tax expense $200,000 $ 20,000 Deferred tax expense (benefit) Total Federal, state, and global tax expense (50,000) $150,000 175,000 $195,000 Effective tax rate 25% 25%

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Testbank Multiple Choice Question 105 Swifty Corporation, which has a taxable payroll of $1300000, is subject to FUTA tax of 6.2% that includes a state contribution rate of 5.4%. However, because of stable employment experience, the company's state rate has been reduced to 2%. What is the total amount of federal and state unemployment tax for Swifty Corporation? O $ 106600 O $ 36400 O $150800 O $ 52000

2.2021 Year end results for Corporate Income Taxpayer Company B is as follows. The Company gave the declaration on 25 April 2022 and will pay tax on 30 April 2022. Profit for 2020: 5.500.000 TRY Non-deductible expenses: 400.000 TRY Previous year losses: 100.000 TRY for 2014, 300.000 TRY for 2016 Domestic Participation Exemption: 350.000 TRY French Permanent Establishment Income: 300.000 TRY (The income is transferred to Turkey) Russian Construction Permanent Establishment Income 450.000 TRY (The income is not transferred to Turkey) Donations to X Foundation that works for public interest: 55.000 TRY The prepaid tax: 205.000 TRY The withholding tax paid 330.000 TRY Corporate income tax rate is %22. Required: a) Calculate corporate income tax payable for 2020. b) Make the journal entries on 25 and 30 April 2021.

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83. Assembly Bill 91 (AB 91) - Loophole Closure and Small Business and Working Families Tax Relief Act of 2019 follows the Tax Cuts and Jobs Act (TCJA) in increasing the average annual gross receipts threshold from $10 million to what amount for resellers and for producers to be exempt from UNICAP provisions? A. $10 million B. $15 million C. $25 million D. $30 million

Assume that the Kelso Company operates in an industry for which NOL carryback is allowed. The Kelso Company had the following operating results: O $22,800. Year 2019 2020 2021 25% What is the income tax refund receivable? O $24,300 O $28,800. Income (loss) 54,000 57,000 (72,000) O 23,550. Tax rate 35% 30% Income tax 18,900first year of operations 17,100 0

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3 GOODS AND SERVICE TAX For the following consider whether it is a Taxable Supply, Input Taxed or GST Free. Calculate net GST payable position. Receipts $ 660,000 Sales of Motor Vehicles 35,000 Rent received on residential property 5,000 Interest on Deposits 1,100,000 Sale of commercial building 6,600 Employee contribution for provision of car Payments $ 330,000 Motor Vehicles purchased 10,500 Maintenance cost on the residential apartments 150,000 Salary paid to employees 1,500 Rates 400 Water bill 55,000 Repairs to motor vehicles please provide the sectin under which the calculation are made and also case law example if applicable,

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Income Tax, Deferred Tax Liability and Deferred Tax Asset (PAS 12) Problem 11. The 2015 income statement of Rob Inc. reported a financial income of P3,000,000. The tax accountant and tax auditor have found the following items included in such amount: Capital gain from the sale of a land classified as capital asset Illegal contribution to political parties and candidates Interest income from a 6-year time deposit Representation expenses in excess of the amount allowed by NIRC 400,000 P300,000 200,000 500,000 Based on the analysis conducted by the accountant and tax auditor, they also found out the following differences in tax and accounting treatments: Unearned revenue of P200,000 was recorded by Rob Inc. in its accounting books but was reported as income in the corporate income tax return. Installment sales of P300,000 was recorded by Rob Inc. in its accounting books but was only collected on year 2016. Provision for lawsuit for P400,000 was recognized by Rob Inc. in its accounting…

EA# 9 Tax on Corporation: Problem Solving FnB Question 2 of 43 Fill in the blanks: For taxable year 2018, the company's sixth year of operations, the records of Mega Specialties, a domestic corporation, show the following: Gross sales P2.463,500 Sales returns & allowances 27,500 Sales discounts 42,750 Cost of goods manufactured and sold 1,313,600 586.040 operating expenses Answer the following: 1. Net sales is 2. Net income is 3. Minimum corporate income tax is NOTE: Answers are in numerical form, COMIVA PESO SIGN, and other characters are NOT REQUIRED. < Previous Shot on OnePlus Powered by Triple Camera

Assume that The Bell Company operates in an industry for which NOL carryback is allowed. The Bell Company had the following operating results:   Year Income (loss) Tax rate Income tax   2018   40,000       25 %     10,000   2019   40,000       25 %     10,000   2020   50,000       30 %     15,000   2021   (130,000 )     30 %     0                                What is the Deferred tax Asset in 2021?

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Assume your new venture, organized as a proprietorship, is in its first year of operation. You expect to have taxable income of $50,000. Use the income tax rate information contained in Figure 3.6 to estimate the amount of income taxes you would have to pay. Requirement: If your venture had been organized as a standard corporation instead of a proprietorship, calculate your income tax liability.

Problem 15-24 (LO. 6) Upward and Onward, Inc., a 5 501(c)(3) organization that provides training programs for government assistance recipients, reports the following income and expenses from the sale of products associated with the training program. Gross income from sales $425,000 Cost of goods sold 106,000 Advertising and selling expenses 26,000 Administrative expenses 112,500 Calculate Upward and Onward's UBIT under the following two assumptions. Assume a tax rate of 21%. It an amount is zero, enter "0". a. If the sale of the training program products is substantially related to Upward and Onward's exempt purpose, then Upward and Onward's unrelated business income tax (UBIT) is Veedack Check My Work The unrelated business income tax (UBIT) is designed to treat the entity as if it were subject to the corporate income tax. Thus, the rates that are used are those applicable to a corporate taxpayer, In general, unrelated business income (UBI) is derived from activities not related to…