A certain state uses the following progressive tax rate for calculating individual income tax: Income Range ($) 0-10,000 10,001-50,000 Progressive Tax Rate 3% 5%
Q: Synovec Company is growing quickly. Dividends are expected to grow at a rate of 20 percent for the…
A: We need to quantify the current share price of the stock. We will use the Dividend discount model…
Q: Your factory has been offered a contract to produce a part for a new printer. The contract would…
A: Here,
Q: Explain why ethics is an appropriate topic in the study of corporate finance
A: Ethics basically refer to moral values and principles that guide the decision making part when one…
Q: I borrowed $10,000 at 4% on a 60-month term and found the monthly payment to be $184. How much do I…
A: The concept of time value of money will be used to answer this question. (Note that you have…
Q: After making payments of $901.10 for 6 years on your 30-year loan at 8.9%, you decide to sell your…
A: Monthly payment (C) = $901.10 Monthly interest rate (r) = 0.00741666666666667 (i.e. 0.089 / 12)…
Q: An over-the-road tractor is purchased for $137,530 and placed in service in July 2017. The owner…
A: Accumulated depreciation An asset's total depreciation over its entire life cycle is called…
Q: 11 #9) There is a loan obligation to pay $1000 one year from today and another $1000 two years from…
A: Duration of bond shows the change in prices of bond with change in interes rate and it shows the…
Q: eBook Assume that the risk-free rate is 2.5% and the required return on the market is 9%. What is…
A: Given: Risk free rate = 2.5% Market rate = 9% Beta = 2
Q: An investor wants to know the YTM on an 8-year, 7% bond selling for 88.95% of its par value before…
A: Lets assume face value of the bond = 1,000 Annual coupon amount = 70 (i.e. $1,000 * 7%) Maturity…
Q: CRISIS IT In May 2007, Frontier Airlines Holdings hired Gerry Coady as chief information officer…
A: Financial analysis of project basically involves estimating cost of the project and benefits…
Q: Consider a position consisting of a $100,000 investment in asset A and a $100,000 investment in…
A: Variance refers to the measurement of the dispersion of the returns of the portfolio. It is shown…
Q: EE eBook Stock R has a beta of 2.5, Stock S has a beta of 0.75, the required return on an average…
A: The stock that has a higher beta is considered riskier because a little change in the overall market…
Q: A loan of $10,000 at a fixed annual effective interest is being repaid by level annual payments. The…
A: Data given: Outstanding balance immediately after the 9th payment = $6,665.29 Outstanding balance…
Q: A stock's returns have the following distribution: Sharpe ratio: % Demand for the Company's Products…
A: Demand for the Company's Products Probability of this Demand Occurring (P) Rate of Return if this…
Q: 15. A 25,000 4% bond with interest payable annually will mature on May 1, 1998. The date of purchase…
A: As per the given information: Amount of bond - 25,000 Interest rate - 4% payable annually Purchase…
Q: Speckle Delivery Systems can buy a piece of equipment that is anticipated to provide an 8% return…
A: WACC or the weighted average cost of capital is a very important metric used in finance. Essentially…
Q: low-risk stocks will be at most $1000 more than the amount invested in medium-risk stocks. At least…
A: Portfolio consists of number of stocks in portfolio and total return on portfolio depends on the…
Q: Calculate its basic earning power (BEP), its return on equity (ROE), and its return on invested…
A: Information Provided: Net Income = $750,000 ROA = 12% Interest expense = $232,500 Accounts payable…
Q: example: A car dealership offers your client no money down on a new car. Your client may pay for the…
A: In order to solve this question, we can apply the principles of time value of money. The principle…
Q: 10. Billy Bob is considering building a water slide park that will require a net investment of…
A:
Q: Bank L's balance sheet(in millions) is provided below.The bank does not have any off-balance-sheet…
A: Ans.1) Calculation of tier 1 capital 1.common stock =$45 2.retained earnings =$40 Total tier1…
Q: A small business owner contributes $4,000 at the end of each quarter to a retirement account that…
A: More is the compounding than more will be effective rate of interest and more will be compouding…
Q: Docile Partners Limited (DPL) has two lines of business, organized as two divisions, A and B.…
A: A firm comprises of two divisions with separate identifiable cash flows and risk profile. We have to…
Q: Southern motors (seller) agreed to sell to Mr. Bean (Buyer) a specific dump truck for 1,500,000.00…
A: Summary of the case: Seller agreed to sell a specific dump truck for 1,500,000.00 to the buyer.…
Q: You are US company, 500,000 BP (British Pound) payable to UK in one year. Answer in terms of US$.…
A: Currency options contract give the option holder the right to exercise the option at a given strike…
Q: A deposit of $5,000 per year is done starting at year 1 for 5 years. The sum of $60,000 is required…
A: Future value of the annuity is the amount that is being deposited each period and also amount of…
Q: A machine manufacturer sells each machine for $7,300. The fixed costs are $279,550 per annum,…
A: Solution:- Break-even as a percent of capacity per annum measures that at how much percentage of the…
Q: Financial Break-Even Ayden’s Toys, Inc., purchased a $435,000 machine to produce toy cars. The…
A: We need to find the break even sales volume for the investment into a new machine. At the financial…
Q: Discount rate used 10% 15% 20% NPV +£130k +£50k -£50k What is the approximate IRR of this project? O…
A: IRR is the internal rate of return. It is the rate at which net present value (NPV) is nil.
Q: A couple from Baltimore needs $40,717.69 as a down payment for their first home. If they invest the…
A: The future value of the amount includes the amount being deposited initially and amount of…
Q: The directors of Ostrow Ltd have appointed you as a merger and acquisition specialist. They are…
A: We have an acquisition transaction in hand. The acquisition is done by pure cash. We have to find…
Q: Jupiter Explorers has $7400 in sales. The profit margin is 5 poercent. There are 4100 shares of…
A: Solution:- Price-earnings ratio (P/E ratio) is the ratio of market price of share of a firm to the…
Q: Cheyenne holds a $7,500 portfolio that consists of four stocks. Her investment in each stock, as…
A: In the given pictures, only two questions are clearly visible, so as per honor code, answer to the…
Q: 2. Trixy needs to accumulate 780,000.00 for her insurance investment for 5 years. She set up a…
A:
Q: A March 3, 2011, article in The New York Times headlined "Without Load Giants, 30-Year Mortgage My…
A: In a several cases of mortgage, we have to find the loan amount or the monthly payment or cross…
Q: Problem 6-3 An Investor obtained a fully amortizing mortgage five years ago for $96.400 at 11…
A: Refinance: Refinancing is the process of changing a loan's terms, such as interest rate, payment…
Q: South Side Corporation is expected to pay the following dividends over the next four years: $ 0.74 ,…
A: The price of share will be calculated by Gorden's Model. As per Gorden's Model the share price will…
Q: Explain how the NPV investment appraisal method can be applied in situations where capital is…
A: (Note: We’ll answer the first question since the exact one wasn’t specified. Please submit a new…
Q: Outline four (4) financial instruments used to construct hedging techniques by treasurers.
A: Financial instruments are of the following types: i) Cash instruments ii) Derivative instruments…
Q: Mike O'Brien plans to deposit $1,250 at the end of every six months for the next eight years at 6%…
A: Future value refers to the value of a current asset at some future date affected by interest…
Q: 1a)Katie paid $9,400 for a corporate bond with a par value of $10,000 and a coupon rate of 6.5%. She…
A: Since you have asked multiple questions, we will solve the first question for you. If you want any…
Q: Today, interest rates on 1-year T-bonds yield 1.4%, interest rates on 2-year T-bonds yield 2.5%, and…
A: Here, Interest Rate (R1) on 1 year T - Bonds is 1.4% Interest Rate (R2) on 2 year T-Bonds is 2.5%…
Q: An investor has purchased a floating-rate security with a 5-year maturity. The coupon formula for…
A: An investor has an exposure in a floating-rate security that has coupon linked to 6 months LIBOR. it…
Q: last year, i took out a loan with an interest rate of 4.24% when inflation was only 1.9%. now…
A: The real interest rate is the inflation adjusted interest rate which is reflecting the increase in…
Q: Edward Food Processing Company is a wholesale distributor of biscuits in Holborn. The Company has…
A: The sales volume at which a business starts to lose money is called the breakeven point. A…
Q: What about Kraft Heinz? They currently pay an annual divendend of $3.96 and we expect that to grow…
A: The value of a stock today is the sum of present value of all future dividends. This is as per the…
Q: (Bond valuation relationships) A bond of Telink Corporation pays $110 in annual interest, with a…
A: Bonds are debt instruments issued by companies. Companies pay coupons or interests to the bond…
Q: A partail inventory of Furniture Mart is shown table lower of Cost or Market Item Sotas Beds 178…
A: Solution:- We know, inventory is valued at lower of cost or market value. So, all items of closing…
Q: Which of the following statements about the Macaulay duration of a coupon bond is true? Select one…
A: Macaulay duration of coupon bond is the time required to receive all cash flow from the bond based…
Q: United Residential is a real-estate developer considering a 40-unit apartment complex in a growing…
A: Select cash flows from a real estate property are available. We have to find the minimum monthly…
![F7
A certain state uses the following progressive
tax rate for calculating individual income tax:
7
ht©2003-2022 International Academy of Science. All Rights Reserved.
F8
0-10,000
3%
10,001 - 50,000
5%
50,001 - 100,000
5.5%
Calculate the state income tax owed on a $90,000
per year salary.
tax = $[?]
Round your answer to the nearest whole dollar amount.
F9
Income
Range ($)
h
8 9.
prtsc
F10
home
F11
Progressive
Tax Rate
.
F12
+ 11.
delete
Enter
Backspace
Num
Lock
CE
9:07.
11/5/20
+1_](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F12b7d8e5-e1f4-4366-964c-d88f3b8c0c01%2Fc277ba5d-7967-41af-8300-991cdbd56263%2Fwb32awo_processed.jpeg&w=3840&q=75)
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 2 images
- LO.2 Osprey Corporation, an accrual basis taxpayer, had taxable income for 2019 and paid 40,000 on its estimated state income tax for the year. During 2019, the company received a 4,000 refund upon filing its 2018 state income tax return. The company filed its 2019 state income tax return in August 2020 and paid the 7,000 state income tax due for 2019. In December 2019, the company received a notice from the state tax commission that an additional 6,000 of income tax was due for 2017 because of an error on the return. The company acknowledged the error in December 2019 and paid the additional 6,000 in tax in February 2020. What is Ospreys 2019 Federal income tax deduction for state income taxes?LO.3, 4, 5 Using the legend provided below, classify each statement under 2019 tax law. a. A foreign tax credit is available. b. The deduction of charitable contributions is subject to percentage limitation(s). c. Excess charitable contributions can be carried forward for five years. d. On the contribution of inventory to charity, the full amount of any appreciation can be claimed as a deduction. e. Excess capital losses can be carried forward indefinitely. f. Excess capital losses cannot be carried back. g. A net short-term capital gain is subject to the same tax rate as ordinary income. h. The deduction for qualified business income may be available. i. A dividends received deduction is available. j. The like-kind exchange provisions of 1031 are available. k. A taxpayer with a fiscal year of May 1April 30 has a due date for filing a Federal income tax return of July 15. l. Estimated Federal income tax payments may be required.Incomc Taxes Then Company has been in operation for several years. It has both a deductible and a taxable temporary difference. At the beginning of 2019, its deferred tax asset was 690, and its deferred tax liability was 750. The company expects its lutine deductible amount to be deductible in 2020 and its Inline taxable amount to 1 taxable in 2021. In 2018, Congress enacted income tax rates for future years as follows: 2019, 30%; 2020, 34%; and 2021, 35%. At the end of 2019, Then reported income taxes payable of 25,800, an increase in its deferred tax liability of 300, and an ending balance in its deferred tax asset of 860. Thun has prepared the following schedule of items related to its income taxes for 2019. Required: Fill in the blanks in the preceding schedule. Show your calculations.
- LO.2 Oak Corporation has the following general business credit carryovers. If the general business credit generated by activities during 2019 equals 36,000 and the total credit allowed during the current year is 60,000 (based on tax liability), what amounts of the current general business credit and carryovers are utilized against the 2019 income tax liability? What is the amount of unused credit carried forward to 2020?4. Sunland Company has the following two temporary differences between its income tax expense and income taxes payable. 2020 2021 2022 Pretax financial income $842,000 $956,000 $914,000 Excess depreciation expense on tax return (28,800 ) (39,300 ) (9,900 ) Excess warranty expense in financial income 20,400 9,500 7,600 Taxable income $833,600 $926,200 $911,700 The income tax rate for all years is 20%. (a) Assuming there were no temporary differences prior to 2020, prepare the journal entry to record income tax expense, deferred income taxes, and income taxes payable for 2020, 2021, and 2022. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Account Titles and Explanation Debit Credit 2020…Ma1. Torquay Incorporated's (a calendar-year taxpayer) 2021 taxable income was $15,837,850, and its tax liability was $3,325,948. Torquay's director of tax estimates that the corporation's 2022 taxable income will be $13,350,000. Compute Torquay's 2022 estimated tax payment due on April 15, 2022.
- 13. Instructions Use the graduated tax table below if applicable: GRADUATED TAX TABLE UNDER TRAIN LAW (January 1, 2018 to December 31, 2022) Over But not over The tax shall be Plus Of excess over 250,000 0 0 - P 250,000 400,000 0 20% P 250,000 400,000 800,000 30,000 25% 400,000 800,000 2,000,000 130,000 30% 800,000 2,000,000 8,000,000 490,000 32% 2,000,000 8,000,000 2,410,000 35% 8,000,000 A taxpayer registered in 2020 made available the following financial information for TY2021: Balance Sheet: Asset - Php 500,000 Liability - Php 100,000 Stockholders' Equity - Php 400,000 Income Statement: Gross sales - Php 10,000,000 Cost of sales – Php 8,000,000 Operating Expenses - Php 5,000,000 How much is the income tax due under CREATE Law if the taxpayer is a domestic corporation? Group of answer choices Php 300,000 Php 600,000 Php 200,000…Mf6. As per the latest tax update, the aggregate amt of distributions recvieved by an indivivdual,tat may be treated as "coronavirus-related distribution" for any taxable year,shall not exceed 100K, 250K, 50K, OR 80K?1.The Mosaic Company organized on January 2, 2021, had pretax accounting income of $8,000,000 and taxable income of $11,600,000 for the year ended December 31, 2021. The 2021 tax rate was 25%. The only difference between book and taxable income is estimated warranty costs. Expected payments and scheduled enacted tax rates are as follows: 2022 $ 1,200,000 30 % 2023 600,000 30 % 2024 600,000 30 % 2025 1,200,000 35 % Required:Prepare one compound journal entry to record Mosaic's provision for taxes for the year 2021. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
- 10. Sheridan Corp. prepared the following reconciliation of income per books with income per tax return for the year ended December 31, 2021: Book income before income taxes $ 2630000 Add temporary difference Construction contract revenue which will reverse in 2022 233000 Deduct temporary difference Depreciation expense which will reverse in equal amounts in each of the next four years ( 943200) Taxable income $ 1919800 Sheridan's effective income tax rate is 25% for 2021. What amount should Sheridanreport in its 2021 income statement as the current provision for income taxes? A) $ 479950 B) $ 657500 C) $ 715750 D) $ 58250XYZ corporation provided the following data for calendar year ending December 31, 2021 ($ 1= P50). Use new tax rate under CREATE Law (RA 11534) Philippines Abroad Gross income P4, 000, 000 $ 40, 000 Deductions 2, 500, 000 $ 15, 000 Income Tax Paid $ 3, 000 REQUIRED: Compute for the below: A. If it opts to claim the tax paid abroad as deduction from gross income, compute for its income tax.12. Instructions Use the graduated tax table below if applicable: GRADUATED TAX TABLE UNDER TRAIN LAW (January 1, 2018 to December 31, 2022) Over But not over The tax shall be Plus Of excess over 250,000 0 0 - P 250,000 400,000 0 20% P 250,000 400,000 800,000 30,000 25% 400,000 800,000 2,000,000 130,000 30% 800,000 2,000,000 8,000,000 490,000 32% 2,000,000 8,000,000 2,410,000 35% 8,000,000 A taxpayer registered in 2010 made available the following financial information for TY2021: Balance Sheet: Asset - Php 500,000 Liability - Php 100,000 Stockholders' Equity - Php 400,000 Income Statement: Gross sales - Php 100,000,000 Cost of sales – Php 60,000,000 Operating Expenses - Php 30,000,000 How much is the income tax payable under CREATE Law if the taxpayer is a domestic corporation? Group of answer choices Php 2,500,000 Php 3,000,000 Php…
