Bad Brad sells used semi-trucks and tractor trailers in the Texas panhandle. Bad Brad has sales as follows: Bad Brad State Sales Colorado $234,992 Oklahoma 402,450 New Mexico 675,204 Texas 1,085,249 Total $2,397,895 Bad Brad is a Texas corporation. (Round your answers to 2 decimal places.) b. Bad Brad has income tax nexus in Colorado and Texas. Oklahoma and New Mexico sales are shipped from Texas (a throwback state). What are the Colorado and Texas sales apportionment factors? Colorado sales factor % Texas sales factor %

Bad Brad sells used semi-trucks and tractor trailers in the Texas panhandle. Bad Brad has sales as follows: Bad Brad State Sales Colorado $234,992 Oklahoma 402,450 New Mexico 675,204 Texas 1,085,249 Total $2,397,895 Bad Brad is a Texas corporation. (Round your answers to 2 decimal places.) b. Bad Brad has income tax nexus in Colorado and Texas. Oklahoma and New Mexico sales are shipped from Texas (a throwback state). What are the Colorado and Texas sales apportionment factors? Colorado sales factor % Texas sales factor %

SWFT Corp Partner Estates Trusts

42nd Edition

ISBN:9780357161548

Author:Raabe

Publisher:Raabe

Chapter16: Multistate Corporate Taxation

Section: Chapter Questions

Problem 21CE

See similar textbooks

Similar questions

Bad Brad sells used semi-trucks and tractor trailers in the Texas panhandle. Bad Brad has sales as follows: Bad Brad State Sales Colorado $234,992 Oklahoma 402,450 New Mexico 675,204 Texas 1,085,249 Total $2,397,895 Bad Brad is a Texas corporation. Answer the questions in each of the following alternative scenarios. (Round your answers to 2 decimal places.) c. Bad Brad has income tax nexus in Colorado and Texas. Oklahoma and New Mexico sales are shipped from Texas (a throwback state); $200,000 of Oklahoma sales were to the federal government. What are the Colorado and Texas sales apportionment factors? Colorado sales factor % Texas sales factor %
Bad Brad sells used semi-trucks and tractor trailers in the Texas panhandle. Bad Brad has sales as follows: Bad Brad State Sales Colorado $234,992 Oklahoma 402,450 New Mexico 675,204 Texas 1,085,249 Total $2,397,895 Bad Brad is a Texas corporation. (Round your answers to 2 decimal places.) d. Bad Brad has income tax nexus in Colorado and Texas. Oklahoma and New Mexico sales are shipped from Texas (assume Texas is a nonthrowback state). What are the Colorado and Texas sales apportionment factors? Colorado sales factor % Texas sales factor %
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.
Herger Corporation does business in California, Nevada, and Oregon, and has nexus in these states as well. Herger’s California state tax base was $943,500 after making the required federal/state adjustments. Herger’s federal tax return contains the following items: Item $ Federal T-note interest income 5,900 Nevada municipal bond interest income 3,690 California municipal bond interest income 5,500 Interest expense related to T-note interest income 1,540 Royalty income 181,000 Travel expenses 10,100 Determine Herger’s California business income.
Nicole's Salon, a Louisiana Corporation, operates beauty salons in Arkansas, Louisiana, and Tennessee. The salons' payrolls by state are as follows: Nicole's Salon State Payroll Arkansas $ 102,000 Louisiana 363,750 Tennessee 754,000 Total $ 1,219,750 What are the payroll apportionment factors for Arkansas, Louisiana, and Tennessee in each of the following alternative scenarios? Note: Round your answers to 2 decimal places. Required: a. Nicole's Salon has income tax nexus in Arkansas, Louisiana, and Tennessee. b. Nicole's Salon has income tax nexus in Arkansas, Louisiana, and Tennessee, but $40,000 of the Arkansas amount is paid to independent contractors.
In April of the current year, Freeman Steel Company transferred Herb Porter from its factory in Nebraska to its plant in Michigan. The company's SUTA tax rates based on its experience ratings are 3.2% in Nebraska and 3.8% in Michigan. Both states base the tax on the first $9,000 of each employee's earnings. This year, Freeman Steel Company paid Herb Porter wages of $20,900; $2,800 were paid in Nebraska and the remainder in Michigan. Compute the following: Round your answers to the nearest cent. a. Amount of SUTA tax the company must pay to Nebraska on Porter's wages$89.6 b. Amount of SUTA tax the company must pay to Michigan on Porter's wages$235.6 c. Amount of the net FUTA tax on Porter's wages$ I need help with C Note: For this textbook edition the rate .6% was used for the net FUTA rate for employers
In April of the current year, Freeman Steel Company transferred Herb Porter from its factory in Nebraska to its plant in Michigan. The company's SUTA tax rates based on its experience ratings are 3.2% in Nebraska and 3.8% in Michigan. Both states base the tax on the first $9,000 of each employee's earnings. This year, Freeman Steel Company paid Herb Porter wages of $20,900; $2,800 were paid in Nebraska and the remainder in Michigan. Compute the following: Round your answers to the nearest cent. a. Amount of SUTA tax the company must pay to Nebraska on Porter's wages$89.6 b. Amount of SUTA tax the company must pay to Michigan on Porter's wages$235.6 c. Amount of the net FUTA tax on Porter's wages (I mainly need this answer, Noboby has gotten it right before. it is not 232.80)
SAN JOSE, an operator of 10 buses with provincial operations from Manila- San Mateo. It has also 5 cargo trucks. For 2018, the gross receipts from bus operations is P 1,300,000 and gross receipts from cargo truck is P 1,200,000. SAN JOSE is a non-VAT registered tax payer. How much is the total business taxes due?
Assume that Farm Fresh Produce, Inc. is a chain of farmers’ market kiosks that is organized as a corporation and operates in the upper Midwestern states. During the current year, the business realized a “Pre-Tax Income” of $2,350,000. Using the 21% corporate tax rate specified in the “Tax Cuts and Jobs Act” of 2017, calculate the tax liability for Farm Fresh Produce, Inc. for the current year Using the 21% corporate tax rate specified in the “Tax Cuts and Jobs Act” of 2017, calculate the tax liability for Farm Fresh Produce, Inc. for the current year. Calculate the “After-Tax Earnings” for Farm Fresh Produce, Inc.
As a retailer, Zertan Corporation sells software programs manufactured and packaged by other parties. Zertan also purchases computer parts, assembles them as specified by customers in purchase orders, and sells them as operating stand-alone computers. All of Zertan's operations take place in State F, which levies a 9% sales tax. Results for the current year are as follows: a) What is Zertan's own sales tax expense for the year? __________ b) How much State F sa;es tax must Zertan collect and pay to the state on behalf of other taxpayers subject to the tax? ___________
In April of the current year, Freeman Steel Company transferred Herb Porter from its factory in Nebraska to its plant in Michigan. The company's SUTA tax rates based on its experience ratings are 3.2% in Nebraska and 3.8% in Michigan. Both states base the tax on the first $9,000 of each employee's earnings. This year, Freeman Steel Company paid Herb Porter wages of $20,900; $2,800 were paid in Nebraska and the remainder in Michigan. Compute the following: a. Amount of SUTA tax the company must pay to Nebraska on Porter's wages$ b. Amount of SUTA tax the company must pay to Michigan on Porter's wages$ c. Amount of the net FUTA tax on Porter's wages$
S operates in a business environment with a 6% state sales tax rate and a 4% county sales tax rate. The state allows S to keep 2% of the state sales tax it collects while the county requires S to remit 99% of the county sales tax it collects. During June, S recorded the sales taxes in its sales revenue account. S’s sales revenue account for June had a credit balance of $1,650,000. S prepares AJEs monthly. Assume S remits the June sales taxes to the state and the county on July 10. Prepare the entries S made (1) as of 06-30 to reflect the sales tax it will remit to the state and to the county and (2) on 07-10 to reflect the payment to the state and to the county.