   Chapter 18.III, Problem 14TIE ### Contemporary Mathematics for Busin...

8th Edition
Robert Brechner + 1 other
ISBN: 9781305585447

#### Solutions

Chapter
Section ### Contemporary Mathematics for Busin...

8th Edition
Robert Brechner + 1 other
ISBN: 9781305585447
Textbook Problem

# The Trough Restaurant had taxable income of $311,200 last year. Use the Corporate Tax Rate Schedule to calculate the amount of income tax due and calculate the company's net income after taxes. To determine To calculate: The amount of corporate income tax if the Company T has the taxable income of$311,200.

Explanation

Given Information:

The Company T has the taxable income of $311,200. Formula used: The formulas used for the calculation is listed below: Net Income Taxes=Net income before taxestax liability Calculation: Taxable income is defined as the income to which tax rates are functional in order to discover the total amount of tax payable for the year. Corporate Tax rate schedule is the table which helps to calculate the income tax for the corporations. The followings steps are used to calculate as listed below: Step 1: Firstly, with the help of corporate tax schedule, it is needed to find the range which covers the taxable income of the corporations. Here, the taxable income is$311,200 so T’s net income falls in the range 100,000 to 335,000.

Step 2: Now it is needed to subtract the taxable income from the lowest number of the range. It can be seen as done below:

$311,200$100,000=$211,200 Step 3: Now the amount resulted from step 2 gets multiplied by the tax rate provided within this range. It can be seen as done below:$211,200×0

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