a. What is taxable income for the first year? I have the formula taxable income = gross income - expenditures - depreciation. however I can't find depreciation value (can't tell if deductibles can be depreciated). From using the formula I got 845,330. b. how much should the company expect to pay in taxes in the first year? There are no state income taxes required.for this I got 245,699 dollars. Please help me verify my answers. thanks Nector is a company that sells bee keeping supplies and connects beekeepers all over the worldto sell, pollinate, and rent bees. Yes, you can rent bees to come pollinate your crops! Thecompany makes $1,000,330 income. They have costs of $132,000 over the last year. Assets thatqualify for $10,000 in deductions, and an extra environmental tax deduction of $13,000. Nectorwill use the use the bracket below to assess their federal income taxes.

Given:Gross income=$1,000,330Expenditure=$132,000Deductions=Qualified asset+Environmental tax…

a. What is taxable income for the first year? I have the formula taxable income = gross income - expenditures - depreciation. however I can't find depreciation value (can't tell if deductibles can be depreciated). From using the formula I got 845,330. b. how much should the company expect to pay in taxes in the first year? There are no state income taxes required. for this I got 245,699 dollars. Please help me verify my answers. thanks

a. What is taxable income for the first year? I have the formula taxable income = gross income - expenditures - depreciation. however I can't find depreciation value (can't tell if deductibles can be depreciated). From using the formula I got 845,330. b. how much should the company expect to pay in taxes in the first year? There are no state income taxes required. for this I got 245,699 dollars. Please help me verify my answers. thanks

Managerial Economics: Applications, Strategies and Tactics (MindTap Course List)

14th Edition

ISBN:9781305506381

Author:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris

Publisher:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris

Chapter8: Cost Analysis

Section: Chapter Questions

Problem 2E

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