Calculate the amount of corporate income tax due and the net income after taxes for the following corporations. Name Taxable Tax Liability Net Income after Income Taxes All City Plumbing, $352,100 $73,941 Inc. $278,159 Universal $88,955 ANSWER ANSWER Holdings, Inc. Evergreen $14,550,000 Corp. Bioscience $955,000,000 ANSWER ANSWER Labs, Inc.
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- 25. Calculate the amount of corporate income tax due and the net income after taxes (in $) for the corporation. (Assume the corporate tax rate is 21%.) Таxable Tax Net Income Name Income Liability after Taxes Corporation 3 $13,450,000 $ $25. Calculate the amount of corporate income tax due and the net income after taxes (in $) for the corporation. (Assume the corporate tax rate is 21%.) Name TaxableIncome TaxLiability Net Incomeafter Taxes Corporation 3 $13,450,000 $ $A corporation has $91,000 in total assets, $30, 500 in total liabilities, and a $18,600 credit balance in retained earnings. What is the balance in the contributed capital accounts? Multiple Choice $79, 100 $49, 100 $60,500 $41,900
- Using the Corporated Federal Income Tax Rate (2006), calculate the federal income tax that should be paid by a company that has a gross income of $250,000, expenses of $70,000, and depreciation of $20,000 O a. $22,250 O b. $160,000 Oc $45,650 O d. $62,40025. Calculate the amount of corporate income tax due and the net income after taxes (in $) for the corporation. (Assume the corporate tax rate is 21%.) Taxable Tax Net Income Name Income Liability after Taxes $ Corporation 3 $13,450,000 $The following are the composition of the total gross income of a domestic corporation which is subject to MCIT: sales (net of discount and allowances) 4,000,000.00 less: cost of sales 2,400,000.00 gross income dividends income 1,600,000.00 100,000.00 royalty income gain on sale of building total gross income 250,000.00 150,000.00 2,100,000.00 1. What is the regular corporate income tax, if the corporation has a total allowable deduction of 1,700,000? 2. What is the MCIT? 3. What is the minimum corporate income tax? MPG institute reported the following: related unrelated total 200,000.00 500,000.00 300,000.00 100,000.00 100,000.00 200,000.00 Gross income deductions taxable income 200,000.00 100,000.00 300,000.00 1. What is the tax due if the corporation is an exempt non-profit corporation? 2. Wht is the tax due if the corporation is a proprietary educational institution or non profit hospital?
- TAX PAYER DOMESTIC CORPO RATIO Inside the Plalippines 7,550, 000 4,100,000 1550,000 outside Bus mess aoss income business expense Interest income fom long tern hank deposit Interest imcome firom short terom bank deposit Koyalty income Dividends inoome 8,000,000 4,000,000 १४,००० 5,000,000 9,750,000 6500,000 *Compute Hhe reqular lcome sub ject to regular income is the exempt income and how much1. A state corp, all of whose business os done within the city, showed the following for 2018: Entire net income $1000 Salaries to Office deducted in determining entire net income $40000 Average capital $450000 The corp's city business tax payable {assuming a 7% rate on income and a .001 rate on capital) is A. $546 B. $450 C.$70 D. $25Calculate the corporate income tax for each of the following corporate taxable incomes. a. $15,000 b. $88,000 c. $180,000 d. $400,000 e. $16,700,000
- Discussion Question: The average tax rate is calculated by dividing the total tax payable by the taxable income and it represents the percentage of the income that goes to pay taxes. Consider the following data for two corporations. ABC and XYZ Inc.: Particulars ABC Inc. (Rs.) XYZ Inc. (Rs.) Gross Profit 2,600,000 2.600,000 Administrative Expenses 800,000 800,000 Depreciation Other Income Taxable Income 200,000 500,000 900,000 900,000 2,500,000 2,200,000 Requirements: i. Calculate the average tax rate for both companies. ii. Briefly describe how the above calculations support the notion that depreciation acts as a tax shield. Your answers must be presented in the following format:Using the financial statements mentioned above estimate the annual rate of interest paid by the corporation (cost of debt). Also, find the tax rate and capitalization ratio (proportions among equity and debt). Using these values that you have found estimate the annual weighted cost of capital (WACC) of the corporation. Income statement PERIOD ENDING: 12/31/2019 Total Revenue $20,972,000 Cost of Revenue $17,755,000 Gross Profit $3,217,000 OPERATING EXPENSES Research and Development $0 Sales, General and Admin. $938,000 Non-Recurring Items $138,000 Other Operating Items $341,000 Operating Income $1,800,000 Add'l income/expense items $180,000 Earnings Before Interest and Tax $1,993,000 Interest Expense $394,000 Earnings Before Tax $1,599,000 Income Tax $326,000 Minority Interest $13,000 Equity Earnings/Loss Unconsolidated Subsidiary $0 Net Income-Cont. Operations $1,286,000 Net Income $1,273,000 Net Income Applicable to Common Shareholders…Income Tax on Special Corporations Read and analyze the following scenarios and apply the principles and concept of income taxation on special corporations. Pioneer College, a private educational institution, has presented the following data for the year: Gross Income, related activities P5,000,000 Gross Income, unrelated activities (except rental income) 5,000,000 Rental income (gross of 5% WT) 2,000,000 Expenses, related activities 2,000,000 Expenses, unrelated activities 3,000,000 Dividend income from a domestic corporation 100,000 Quarterly income tax paid for the first three quarters 500,000 Compute the income tax payable. Advanced Learning Institute, an educational institution, provided the following data for the current taxable year: Income from tuition fees P 3,500,000 School Miscellaneous Fees 1,500,000 Dividend Income: Domestic Corporation 2,000,000 Foreign Corporation 2,000,000 Rent…