17 If government tax policy requires Bill to pay $23,500in taxes on annual income of $200,000 and Paul topay $11,500 in tax on annual income of $100,000,then the tax policy is:regressive.O progressive.proportional.optional.

Tax policy may be defined as the percentage of taxation that countries' governments impose, and they…

Answered: If government tax policy requires Bill…

SWFT Essntl Tax Individ/Bus Entities 2020

23rd Edition

ISBN:9780357391266

Author:Nellen

Publisher:Nellen

Chapter3: Taxes On The Financial Statements

Section: Chapter Questions

Problem 48P

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Rhodes Corporations financial statements are shown after part f. Suppose the federal-plus-state tax corporate tax is 25%. Answer the following questions. a. What is the net operating profit after taxes (NOPAT) for 2020? b. What are the amounts of net operating working capital for both years? c. What are the amounts of total net operating capital for both years? d. What is the free cash flow for 2020? e. What is the ROIC for 2020? f. How much of the FCF did Rhodes use for each of the following purposes: after-tax interest, net debt repayments, dividends, net stock repurchases, and net purchases of short-term investments? (Hint: Remember that a net use can be negative.) Rhodes Corporation: Income Statements for Year Ending December 31 (Millions of Dollars) Rhodes Corporation: Balance Sheets as of December 31 (Millions of Dollars)
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?
Carol reports taxable income of 48,000. Included in that calculation are the following items. Carol also had excluded municipal bond interest income of 8,000, 3,000 of which was deemed to be private activity bond interest. What are Carols total alternative minimum tax (AMT) adjustments? a. 1,200 b. 2,000 c. 3,000 d. 6,750

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If government tax policy requires Bill to pay $23,500 in taxes on annual income of $200,000 and Paul to pay $11,500 in tax on annual income of $100,000, then the tax policy is: O regressive. O progressive. O proportional. O optional.