STENRate10%12%22%24%32%35%37%SingleSingleTax Rates$0-$9,875$9,875 - $40,125$40,125-$85,525$85,525-$163,300$163,300 $207,350$207,350-$518,400$518,400 or moreStandard Deductions$12,400Married Filing Jointly$0-$19,750$19,750-$80,250$80,250-$171,050$171,050-$326,600$326,600-$414,700$414,700-$622,050$622,050 or moreMarried Filing JointlyFind Martin's taxable income. Round to the nearest cent.$1674.50Martín is a 30-year-old, full-time college student sharing rent with a roommate who is filing separatelyfrom Martin. Martin made $15,600 at his part-time job in 2020. He does not have any adjustments oritemized deductions.$24,800Martín qualifies for a $17 earned income tax credit. Compute Martín's tax owed. Round to the nearest cent.$Suppose Martin's W-2 says that he paid $390 in taxes in 2020. Does Martín owe taxes, or is he due a refund?O Has to payO RefundCalculate Martin's taxes owed or refund. Round your answer the nearest cent.S

Taxes are to be paid by the citizen and but tax to paid depends on the income earned and it…

Rate 10% 12% 22% 24% 32% 35% 37% Single Single Tax Rates $0-$9,875 $9,875-$40,125 $40,125-$85,525 $85,525 $163,300 $163,300-$207,350 $207,350-$518,400 $518,400 or more Standard Deductions $12,400 Married Filing Jointly $0-$19,750 $19,750-$80,250 $80,250-$171,050 $171,050-$326,600 $326,600-$414,700 $414,700-$622,050 $622,050 or more Married Filing Jointly $24,800 Martin is a 30-year-old, full-time college student sharing rent with a roommate who is filing se from Martin Martin made $15 600 at his part-time job in 2020. He does not have any adjustm

Rate 10% 12% 22% 24% 32% 35% 37% Single Single Tax Rates $0-$9,875 $9,875-$40,125 $40,125-$85,525 $85,525 $163,300 $163,300-$207,350 $207,350-$518,400 $518,400 or more Standard Deductions $12,400 Married Filing Jointly $0-$19,750 $19,750-$80,250 $80,250-$171,050 $171,050-$326,600 $326,600-$414,700 $414,700-$622,050 $622,050 or more Married Filing Jointly $24,800 Martin is a 30-year-old, full-time college student sharing rent with a roommate who is filing se from Martin Martin made $15 600 at his part-time job in 2020. He does not have any adjustm

Corporate Financial Accounting

14th Edition

ISBN:9781305653535

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter10: Liabilities: Current, Installment Notes, And Contingencies

Section: Chapter Questions

Problem 10.1APR: Liability transactions The following items were selected from among the transactions completed by...

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Net Sales 36000 Commission received 6430 Interest received 3570 Cost of goods sold 7400 Dividends received 2220 From the above information the total income will be: a.OMR 41280 b.OMR 42820 c.OMR 48220 d.OMR 40820 Fast plz***********
Problem 16-8 (Algo) Multiple differences; taxable income given; two years; balance sheet classification; change in tax rate [LO16-1, 16-2, 16-3, 16-5, 16-6, 16-8] Skip to question [The following information applies to the questions displayed below.] Arndt, Inc. reported the following for 2021 and 2022 ($ in millions): 2021 2022 Revenues $ 936 $ 1,028 Expenses 792 848 Pretax accounting income (income statement) $ 144 $ 180 Taxable income (tax return) $ 108 $ 214 Tax rate: 25% Expenses each year include $54 million from a two-year casualty insurance policy purchased in 2021 for $108 million. The cost is tax deductible in 2021. Expenses include $2 million insurance premiums each year for life insurance on key executives. Arndt sells one-year subscriptions to a weekly journal. Subscription sales collected and taxable in 2021 and 2022 were $55 million and $71 million, respectively. Subscriptions included in 2021 and…
Problem 16-8 (Algo) Multiple differences; taxable income given; two years; balance sheet classification; change in tax rate [LO16-1, 16-2, 16-3, 16-5, 16-6, 16-8] Skip to question [The following information applies to the questions displayed below.] Arndt, Inc. reported the following for 2021 and 2022 ($ in millions): 2021 2022 Revenues $ 936 $ 1,028 Expenses 792 848 Pretax accounting income (income statement) $ 144 $ 180 Taxable income (tax return) $ 108 $ 214 Tax rate: 25% Expenses each year include $54 million from a two-year casualty insurance policy purchased in 2021 for $108 million. The cost is tax deductible in 2021. Expenses include $2 million insurance premiums each year for life insurance on key executives. Arndt sells one-year subscriptions to a weekly journal. Subscription sales collected and taxable in 2021 and 2022 were $55 million and $71 million, respectively. Subscriptions included in 2021 and…
59. 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 Nicanor, a Filipino Citizen residing in Manila, had the following data for the taxable year 2021: Gross income from rent of commercial spaces,net of P 60,000 withholding tax P 1,140,000 Dividend income From domestic corporation 50,000 From resident foreign corporation 60,000 From…
57. 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 Nicanor, a Filipino Citizen residing in Manila, had the following data for the taxable year 2021: Gross income from rent of commercial spaces,net of P 60,000 withholding tax P 1,140,000 Dividend income From domestic corporation 50,000 From resident foreign corporation 60,000 From…
tion 8Income statement for the year ended 31 December, 2019 of KKMTN Ghana Ltd2018 2019ȼ ‘000 ȼ ‘000Turnover 420,000 523,600Cost of sales (330,000) (417,200)Gross profit 89,000 106,400Expenses:Administration 44,600 50,200Selling and distribution 15,400 (60,000) 19,600 (69,800)Profit before interest 29,000 36,600Debenture interest - (2,800)Net profit before tax 29,000 33,800Taxation (8,000) (10,000)Net Profit after tax 21,000 23,800Ordinary dividend paid 8,400 9,250Ordinary shares issued 12 million and trading at ȼ3 each as at yesterday onGSE.You are required to compute the following investment ratios:a). Earnings per shareb). Dividend per sharec). Payout ratiod). Price earnings ratioe). Earnings yield
H9.C2 Paloma Company has four employees. FICA Social Security taxes are 6.2% of the first $137,700 paid to each employee, and FICA Medicare taxes are 1.45% of gross pay. Also, for the first $7,000 paid to each employee, the company's FUTA taxes are 0,6% and SUTA taxes are 5.4%. The company Is preparing its payroll calculations for the week ended August 25. Payroll records show the following Information for the company's four employees. Name Dali Trey Kiesha Chee Gross Pay through August 18 Dali: $ 136,600 Trey: 136,800 Kiesha: 6,900 Chee: 1,250 gross Pav Dali: $ 2,000 Trey: 900 Kiesha: 450 Chee: 400 Current Week Income Tax Withholding Dali: $284 Trey: 145 Kiesha: 39 Chee: 30 In addition to gross pay, the company must pay two-thirds of the $60 per employee weekly health insurance; each employee pays the remalning one-third. The company also contributes an extra 8% of each employee's gross pay (at no cost to employees) to a pension fund. Required: places.) Compute the following for the…
15. Refer to the following financial information of Scholz Company: NOPAT 8,250,000.00 EBITDA 17,725,000.00 Net Income 5,050,000.00 Capital Expenditures 6,820,000.00 After tax capital costs 6,280,000.00 Tax rate 40% Refer to Scholz Company, calculate its EVA. Use 2 decimal places for your final answer.
Sales 8.250.000.00 Operating costs 4,725.000.00 Operating income 3,525,000.00 Interest expense 1,750,000.00 Earnings before taxes 1,775,000.00 Taxes (40%) 621,250.00 Net income 1,153,750.00 WACC = 8%, Total invested capital 24,875,000. Calculate the EVA. (2 decimal places)
Home office BranchSales P 365,000 P174,000Shipment to branch 90,000Purchases from outsiders 220,000 35,000Advertising expense 13,700 2,500Salaries and Commission 35,000 9,500Rent Expense 10,000 2,000Miscellaneous expense 3,300 500Shipment from home Office 112,500Inventories, January 1:Home Office 85,000Branch:From outsiders 9,500From home office at 2018 billed price30,000Inventories, December 31:Home Office 65,000BranchFrom outsider 6,500From Home office at 2018 billed price30,0001. The branch inventory at cost on December 31, 2021 is:a. P30,500 c. P70,000b. 31,500 d. 36,5002. The combined net income of the Home Office and the Branch on December 31, 2021 is:a. P111,000 c. P250,500b. 63,000 d. 174,000
Problem 19-02 The pretax financial income of Coronado Company differs from its taxable income throughout each of 4 years as follows. Year PretaxFinancial Income Taxable Income Tax Rate 2020 $300,000 $196,000 35 % 2021 342,000 248,000 20 % 2022 355,000 278,000 20 % 2023 452,000 540,000 20 % Pretax financial income for each year includes a nondeductible expense of $31,100 (never deductible for tax purposes). The remainder of the difference between pretax financial income and taxable income in each period is due to one depreciation temporary difference. No deferred income taxes existed at the beginning of 2020. Prepare journal entries to record income taxes in all 4 years. Assume that the change in the tax rate to 20% was not enacted until the beginning of 2021 Date Account Titles and Explanation Debit Credit 2020…
Problem 19-02 The pretax financial income of Coronado Company differs from its taxable income throughout each of 4 years as follows. Year PretaxFinancial Income Taxable Income Tax Rate 2020 $300,000 $196,000 35 % 2021 342,000 248,000 20 % 2022 355,000 278,000 20 % 2023 452,000 540,000 20 % Pretax financial income for each year includes a nondeductible expense of $31,100 (never deductible for tax purposes). The remainder of the difference between pretax financial income and taxable income in each period is due to one depreciation temporary difference. No deferred income taxes existed at the beginning of 2020. Prepare journal entries to record income taxes in all 4 years. Assume that the change in the tax rate to 20% was not enacted until the beginning of 2021 Date Account Titles and Explanation Debit Credit 2020…