FINANCIAL ACCOUNTING 9TH
16th Edition
ISBN: 9781308821672
Author: Libby
Publisher: MCG/CREATE
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Chapter S, Problem 7E
To determine
Compute income before income taxes of Incorporation A for the year 2012, by using effective tax rate formula.
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Use the 2016 marginal tax rates to compute the tax owed by the following person.
A head of household with a taxable income of $89,000 and a $7000 tax credit
Click the icon to view the 2016 marginal tax rates.
The tax owed is $
(Type an integer or a decimal. Round to the nearest cent as needed.)
2016 Marginal Tax Rates
Tax Rate
10%
15%
25%
28%
33%
35%
39.6%
2016 Marginal Tax Rates, Standard Deductions, and Exemptions
Married and each partner
files a separate tax return
Unmarried, divorced,
or legally separated
Single
up to $9275
$9276 to $37,650
$37,651 to $91,150
$91,151 to $190,150
$190,151 to $413,350
$413,351 to $415,050
more than $415,050
$6300
Standard
Deduction
Exemptions (per $4050
person)
Married Filing Separately Married Filing Jointly
up to $9275
up to $18,550
$9276 to $37,650
$18,551 to $75,300
$37,651 to $75,950
$75,301 to $151,900
$75,951 to $115,725
$151,901 to $231,450
$115,726 to $206,675 $231,451 to $413,350
$206,676 to $233,475 $413,351 to $466,950
more than $233,475…
1.2.11
Use the 2012 marginal tax rates to compute the tax owed by the following person. Round taxable income to the nearest dollar as needed
ome of $296 000 and a $7000 tax credit
Using the information provided for Global, prepare the company's journal entry to record income taxes for 2012 and 2011. Round your answers to two decimal places. If an amount box does not require an entry, leave it blank.
Using the information provided for Global, determine the company's effective tax rate for 2012 and 2011. Round your answers to two decimal places.
2012
2011
Effective tax rate
%
%
Chapter S Solutions
FINANCIAL ACCOUNTING 9TH
Ch. S - Defining a Lessor Which of the following best...Ch. S - Prob. 2MCQCh. S - Prob. 3MCQCh. S - Prob. 4MCQCh. S - Prob. 5MCQCh. S - Prob. 6MCQCh. S - Prob. 1MECh. S - Prob. 2MECh. S - Prob. 3MECh. S - Prob. 4ME
Ch. S - Prob. 1ECh. S - Prob. 2ECh. S - Prob. 3ECh. S - Prob. 4ECh. S - Calculating a Deferred Tax Liability LOS-5 On...Ch. S - Prob. 6ECh. S - Prob. 7ECh. S - Prob. 8ECh. S - Prob. 9ECh. S - Prob. 10ECh. S - Converting Operating Leases to Capital Leases...Ch. S - Converting Operating Leases to Capital Leases...Ch. S - Computing Effective Tax Rates LOS-4 Below is...Ch. S - Prob. 4PCh. S - Prob. 5PCh. S - Prob. 6PCh. S - Analyzing Starbuckss Lease Disclosures The...Ch. S - Analyzing Disneys Income Tax Disclosures The...
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