Since corporations are taxed at a flat rate of 21%. I answed the question with that calculation. Is that correct? Compute the income tax liability for each of the following unrelated calendar year C corporations. Since corporations are taxed at a flat rate of 21% Darter Corporation has taxable income of $68,000. 68000*.21=$14,280 Owl Corporation has taxable income of $10,800,000. 10,800,000*.21=2,268,000 Toucan Corporation, a personal service corporation, has taxable income of $170,000. 170,000*.21=$35,700
Since corporations are taxed at a flat rate of 21%. I answed the question with that calculation. Is that correct? Compute the income tax liability for each of the following unrelated calendar year C corporations. Since corporations are taxed at a flat rate of 21% Darter Corporation has taxable income of $68,000. 68000*.21=$14,280 Owl Corporation has taxable income of $10,800,000. 10,800,000*.21=2,268,000 Toucan Corporation, a personal service corporation, has taxable income of $170,000. 170,000*.21=$35,700
Financial Management: Theory & Practice
16th Edition
ISBN:9781337909730
Author:Brigham
Publisher:Brigham
Chapter2: Financial Statements, Cash Flow,and Taxes
Section: Chapter Questions
Problem 10MC
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Since corporations are taxed at a flat rate of 21%. I answed the question with that calculation. Is that correct?
- Compute the income tax liability for each of the following unrelated calendar year C corporations.
- Since corporations are taxed at a flat rate of 21%
- Darter Corporation has taxable income of $68,000.
- 68000*.21=$14,280
- Owl Corporation has taxable income of $10,800,000.
- 10,800,000*.21=2,268,000
- Toucan Corporation, a personal service corporation, has taxable income of $170,000.
- 170,000*.21=$35,700
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