If a corporation has $85,000 in taxable income, what is its taxliability? ($17,150)

Q: The Talley Corporation had taxable operating income of $365,000 (i.e., earnings from operating…

A: The taxable income can be calculated with the help of below expression:

Q: PQR Corporation has taxable income before DRD of $60,000 that includes a dividend of $10,000 from a…

A: Introduction Dividend received deduction [DRD]: When a corporation has ownership stake in other…

Q: What is the tax liability (as a percentage of taxable income) if the customary deductions are taken…

A: Taxable income is the income on which a corporation have to pay tax to the government as per the tax…

Q: A domestic corporation, in its third year of operations, had:

A: Corporates can deduct state taxes , excise and fuel taxes , federal…

Q: in 2022, a corporation earns 65000 from its business operations and has 10000 of dividend income. it…

A: Taxable income means the base income on which the tax would be levied and it involves some or all of…

Q: A corporation has a taxable income of $2,302,253.  At this income level, the federal income rate is…

A: Given data:- Federal income tax rate=49%state tax rate=20%Local tax rate=13%Total taxable income -…

Q: The following facts relate to Duncan Corporation. 1.    Deferred tax liability, January 1, 2020,…

A:

Q: Suppose a registered business enterprise is already subject to the 5% special corporate income tax.…

A: Income tax can be define as the obligation or liability of an organization which is calculated on…

Q: Use the Corporate Income Tax information above to answer this question. A corporation has a taxable…

A: Income Tax- The federal, state, and municipal governments levy taxes on the gross income of people,…

Q: A corporation has a taxable income of $2,564,306. At this income level, the federal income rate is…

A: Introduction: Income tax deductions of various types can be utilized to lower taxable income. Tax…

Q: What is the regular corporate income tax if the corporation has a total allowable deduction of Php…

A: Corporate Income Tax Calculation of Corporate income tax in Philippines are much easier because the…

Q: A corporation has taxable income from operations of $1 million. In addition, it received $100,000 of…

A: Corporations are the form of an organization having a separate legal entity created by law. The…

Q: The following facts relate to Cheyenne Corporation. 1.   Deferred tax liability, January 1, 2020,…

A: Deferred Tax Asset = future deductible amounts x 20% = $40,950 x 20% = $8,190 Deferred Tax Liability…

Q: ohn Ulmus Corporation has $1,230,000 in taxable income for the year.  A)  Calculate the corporations…

A: Solution Concept The corporate tax rate in US is 21% . The rate was 35% earlier and now it has been…

Q: Use the Corporate Income Tax information above to answer this question. A corporation has a taxable…

A: Introduction: Cities, counties, school districts, and other municipalities may levy a local income…

Q: The following facts relate to Concord Corporation. 1. Deferred tax liability, January 1, 2020,…

A: Solution: Computation of Required balance and recognition of Deferred tax liability and Deferred…

Q: The Ohio Corporation had a 2018 taxable income of $50,000,000 from operations after all operating…

A: Tax liability is the amount which is computed by applying the tax rate applicable as per the tax…

Q: a. Hunter Corporation has $250,000 in gross income, $125,000 in deductible business expenses, and a…

A: Note: We’ll answer the first question since the exact one wasn’t specified. Please submit a new…

Q: For current year, S Corporation had a net short-term loss of $20,000. Its operating income excluding…

A: Capital Loss - It is the loss amount when investment value is higher than the current market value…

Q: LNS Corporation reports book income of $2,890,000. Included in the $2,890,000 is $32,750 of…

A: Types of taxes include: Income tax Service tax Corporate tax Excise duty Custom duty

Q: At December 31, 2017, Percheron Inc. had a deferred tax asset of $30,000. At December 31, 2018, the…

A: The tax expense to be recognized in any year is the sum total of current and deferred tax expense.…

Q: Use the Corporate Income Tax information above to answer this question. A corporation has a taxable…

A: Introduction: Taxes are necessary payments levied by a government agency, whether local, regional,…

Q: The following facts relate to Sage Corporation. 1. 2. 3. 4. 5. 6. 7. 8. Deferred tax liability,…

A: Journal Entry - It is record of every business transaction in day to day life whether it is economic…

Q: A corporation has income of $80,000 from operations, a $12,000 short-term capital gain, and a…

A: Short term capital gains of a corporation can be set off from long term capital losses of the…

Q: Silver, Incorporated was incorporated in 2019 and adopted a calendar year for tax purposes. Here is…

A: Capital loss refers to the loss incurred by a taxpayer when a capital asset is sold at loss. The…

Q: A corporation has a taxable income of $2,282,175.  At this income level, the federal income rate is…

A: Tax- Individuals, businesses, estates, and trusts pay federal and state income taxes on a chargeable…

Q: A corporation has a taxable income of $7,356,401.  At this income level, the federal income rate is…

A: Given that: Total Income=$7,356,401 Local Tax= 13% State Tax= 21%  federal income rate =46%

Q: The following data represents the complete taxable income history for a corporation: Year Taxable…

A: Given the effective tax rates for each year, we need to find the net tax liability for the years…

Q: 2. For the year ended December 31, 20x1, Mont Co.'s books showed income of P600,000 before provision…

A: Tax is the charge on the taxable income of a person that person is known as taxpayer. Taxable income…

Q: The following facts relate to Concord Corporation. 1. Deferred tax liability, January 1, 2020,…

A: Solution a: Computation of Required balance and recognition of Deferred tax liability and…

Q: Compute income taxes payable for 2015. Prepare the journal entry to record income tax expense,…

A: Income tax is the liability of the business which is paid to the government for using its resources.…

Q: 2. For the year ended December 31, 20x1, Mont Co.’s books showed income of P600,000 before provision…

A: Solution:- Calculation of the amount should Mont report at December 31, 20x1 as its income tax…

Q: Use the Corporate Income Tax information above to answer this question. A corporation has a taxable…

A: Tax liability: It is the  payment owed by person  to a government  authority for the taxable income.

Q: Calculate the corporate income tax for each of the following corporate taxable incomes. a. $15,000…

A: Income tax  refers to the form of tax which is imposed by the governments on the income generated by…

Q: Aardvark Corporation which had $10,000 of tax-exempt interest during the year, will enter $10,000 as…

A: As per Schedule M1 of form 1120 is a reconciliation form in which capital loss over capital gain is…

Q: At December 31, 2018 AP Corporation had a deferred tax liability of P250, 000. At December 31, 2019,…

A: Income tax expense is the obligation for the tax payers to pay the tax to the government authorities…

Q: A corporation has a taxable income of $2,648,421.  At this income level, the federal income rate is…

A: Local tax after deducting Federal and state tax = $121,467

Q: A domestic corporation, in its third year of operations, had: Gross Income…

A: Answer: In case of domestic corporation, either they can claim itemized deductions or standard…

Q: A corporation has a taxable income of $1,918,158. At this income level, the federal income rate is…

A:

Q: . For the year ended December 31, 20x1, Mont Co's books showed income of P600,000 before provision…

A: Tax is a charge which is to be paid by the taxpayer on the taxable income which has been earned by…

Q: What makes up the capital gains and losses on a 1040 tax file?

A: Capital Gain/Loss is the difference between the cost and selling price of a capital asset. Cost…

Q: A corporation has a taxable income of $2,151,138. At this income level, the federal income rate is…

A: A corporation a taxpayer who get their deduction of state tax and local tax on their federal income…

Q: The Dawg corporation has Gross Income of $2,800,000 not including Municipal Bond Interest of…

A: Please find the answer to the above question below:

Q: During the current year, the Squamata Corporation, a regular C corporation, has $30,000 in ordinary…

A: Regular corporation is also regarded as C corporation, which is taxed as the separate entity. And…

Q: indicate wheth-er a special adjustment must be made in computing R Corporation’s current E&P. Answer…

A: E & P is Earnings and Profit. It is the measure of the ability of the corporation to make…

Fringe Benefit Tax

Fringe benefits are in addition to the compensation that companies give to their employees. It is an additional benefit above the stated salary. It helps to keep the employees of the firm motivated as sometimes the only salary is not enough to retain the quality employees of the firm. There are different types of fringe benefits. Fringe benefits are given in both private as well as public enterprises.