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Taxes are mandatory payments made to individuals or organizations by the government, whether municipal, regional, or federal. Public infrastructure and services like roads and schools, as well as programs like Social Security and Medicare, are all funded with tax dollars.
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- Uncertain Tax Position At the end of the current year, Boyd Company claims a 200,000 tax credit on its income tax return. Boyd is uncertain whether the IRS will accept this credit. It studies the IRS regulations and determines that it is more likely than not that the IRS will accept all or some of this tax credit. Based on this research, Boyd estimates the following probability distribution of possible outcomes: Required: For the current year, determine (1) the amount that Boyd will recognize as a current tax benefit and (2) the amount that it will record as the unrecognized tax benefit.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)If Your Taxable Income Is Up to $19,050 $19,050 $77,400 $77,400 $165,000 $165,000 $315,000 $315,000 - $400,000 $400,000 - $600,000 Over $600,000 2018 Individual Tax Rates Single Individuals If Your Taxable Income Is Up to $9,525 $9,525 $38,700 $38,700 $82,500 $82,500 $157,500 $157,500 $200,000 $200,000 $500,000 Over $500,000 Standard deduction for individual: $12,000 You Pay This Amount on the Base of the Bracket $ $0 952.50 4,453.50 14,089.50 32,089.50 45,689.50 150,689.50 Married Couples Filing Joint Returns Plus This Percentage on the Excess over the Base (Marginal Rate) 10.0% 12.0 22.0 24.0 32.0 35.0 37.0 You Pay This Amount on the Base of the Bracket Plus This Percentage on the Excess over the Base (Marginal Rate) 10.0% 12.0 22.0 24.0 32.0 35.0 37.0 $0 1,905.00 8,907.00 28,179.00 64,179.00 91,379.00 161,379.00 Average Tax Rate at Top of Bracket 10.0% 11.5 17.1 20.4 22.8 30.1 37.0 Average Tax Rate at Top of Bracket 10.0% 11.5 17.1 20.4 22.8 26.9 37.0 Standard deduction for married…
- I have the question and answer below. I just need to know how to get the answer if you could explain it. Determine the tax rate. Round to the nearest cent or nearest hundredth. Assessed property value: $40,356,000Expenses to be funded by property tax: $2,633,000Tax per amount of assessed value: mill Answer: (65.24)The market value(P) of a property is $833,333.33 in a jurisdiction in which the assessment ratio is 60%. The property owner has just been granted a homestead exemption of $50,000. The property is in a jurisdiction in which the current budget is $9 billion of which 80% derives from property taxes. The gross assessed value of all taxable properties is $684,000,000,000. Calculate the owner’s property tax for the yearABC Corporation has the following information for the taxable year 2022: Quarter RCIT MCIT CWT 1st P200,000 P160,000 P40,000 2nd 240,000 500,000 60,000 3Rd 500,000 150,000 80,000 4th 300,000 200,000 70,000 MCIT carry-over from prior year amounts to P60,000 and excess tax credits from prior year amounts to P20,000. How much was the income tax payable for the first quarter? How much was the income tax payable for the third quarter? How much was the annual income tax payable?
- K's Warehouse has a market value of $900,000. The property in K's is assessed at 45% of the market value. What is K's property tax? (The tax rate is $62.40 per $1,000 of assessed value.)Proposed Regressive Plan (Regressive Tax) Calculate the tax for $95,000 . For example, $10,000x40%=$4,000 in tax. Show your work!! 40% on income up to $25,000 30% on income between $25,000 and $34,000 25% on income between $34,000 and $44,000 20% on income between $44,000 and $80,000 10% on taxable income over $80,000 TOTAL TAX PAID (sum of all rows):Calculate the amount of property tax due: (Round your answer to the nearest cent.) Tax rate Assessed value Amount of property tax due $8.75 per $100 $125,000
- An individual, who is a real estate dealer, sold a residential lot in Quezon City at a gain of P100,000.00 (selling price of P900,000.00 and cost is P800,00.00). The sale is subject to income tax as follows: a) 6% capital gains tax on the gain; b) 6% capital gains tax on the gross selling price of fair market value, whichever is higher; c) Ordinary income tax at the graduated rates of net taxable income; d) 8 % income tax on net taxable income.A company earns before-tax profit of 200 000. It must pay 1) 10% of its after-tax profits to Natural Conservation Fund (N) ; 2) State tax (S) of 10% (after N); 3) Federal tax (F) of 20% (after S and N). Write the system of equatios to find N,S,F and determine If it is consistent.Compute the income tax due in 2021. A. 50,000B. 800,000C. 290,000D. 400,000
