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- Corporate taxes Tantor Supply, Inc., is a small corporation acting as the exclusive distributor of a major line of sporting goods. During 2021 the firm earned $1,666,300 before taxes. a. Calculate the firm's tax liability using a flat tax rate of 21%. b. How much are Tantor Supply's 2021 after-tax earnings? c. What was the firm's average tax rate? d. What was the firm's marginal tax rate? a. The firm's tax liability is $ (Round to the nearest dollar.)Assume that the Kelso Company operates in an industry for which NOL carryback is allowed. The Kelso Company had the following operating results: O $22,800. Year 2019 2020 2021 25% What is the income tax refund receivable? O $24,300 O $28,800. Income (loss) 54,000 57,000 (72,000) O 23,550. Tax rate 35% 30% Income tax 18,900first year of operations 17,100 0(Corporate income tax) Barrington Enterprises earned $4.9 million in taxable income (earnings before taxes) during its most recent year of operations. Use the corporate tax rates shown in the popup window., to calculate the firm's tax liability for the year. What are the firm's average and marginal tax rates? The firm's tax liability for the year is $. (Round to the nearest dollar.) View an example 2 99 W S X command # 3 Get more help. 80 E D $ 4 C 888 F4 R F % 5 V T G MacBook Air A 6 *** F6 Y B & 7 H Data table Taxable Income $0-$50,000 $50,001-$75,000 $75,001-$100,000 $100,001-$335,000 39% $335,001-$10,000,000 34% $10,000,001-$15,000,000 35% $15,000,001-$18,333,333 38% 35% Over $18,333,333 (Click on the icon in order to copy its contents into a spreadsheet) 44 F7 U N 8 J DII A 1 1 -o Print 9 K M DD F9 MOSISO Marginal Tax Rate 15% 25% 201 34% O 1 O I Done <` PO L 110 Clear all P command : . ; + { = [ - X Check answer 49 #1 ? V12 1 option } 1 dele
- b. Extracts from trial balance at 31 March, 2019 GH¢ Current tax credit balance 1,600,000 Deferred tax liability 5,200,000 The balance on current tax represents the under/over provision of the tax liability for the year ended 31 March, 2018. The required provision for income tax for the year ended 31 March, 2019 is GH 38.8 million. The difference between the carrying amounts of the net assets of the company and their (lower) tax base at 31 March, 2019 is GH¢54 million. The rate of income tax is 25%. Required: Prepare a Statement of Profit or Loss Extract and Statement of Financial Position Extract for 31 March, 2019.Question 16, P1-8 (book/static) Part 1 of 18 > Marginal corporate tax rates Using the corporate tax rate schedule given here i, perform the following: a. Find the marginal tax rate for the following levels of corporate earnings before taxes: $12,000; $40,000; $70,000; $90,000; $300,000; $550,000; $1.3 million; and $22 million. b. Plot the marginal tax rate (measured on the y-axis) against the pretax income levels (measured on the x-axis). Explain the relationship between the marginal tax rate and pretax income levels. a. The marginal tax rate for corporate earnings before taxes of $12,000 is %. (Round to the nearest integer.) More info Corporate Tax Rate Schedule Tax calculation Taxable income brackets Base tax (Marginal rate x amount over bracket lower limit) $0) 50,000) 75,000) 100,000) 335,000) 10,000,000) 15,000,000) 18,333,333) $0 to $50,000 $0 x amount over (15% (25% (34% + 50,000 to 75,000 7,500 x amount over + 75,000 to 100,000 13,750 x amount over (39% (34% (35% (38% (35%…Item 2 The tax rates for a particular year are shown below: Taxable Income Tax Rate $0 – 50,000 15 % 50,001 – 75,000 25 % 75,001 – 100,000 34 % 100,001 – 335,000 39 % What is the average tax rate for a firm with taxable income of $129,513?
- Question 13, P1-7 (similar to) Part 1 of 23 Average corporate tax rates Ordinary income in 2017 was taxed subject to the rates shown in the accompanying table Using the data in the table, perform the following: a. Calculate a firm's tax liability, after tax earnings, and average tax rate for the following levels of corporate earnings before taxes: $19,800; $70,800; $302,000; $715,000; $1.3 million; $18 million; and $24 million. b. Plot the average tax rate (measured on the y-axis) and the pretax income levels (measured on the x-axis). Explain the relationship between average tax rate and pretax income level. a. Calculate a firm's tax liability, after tax earnings, and average tax rate for the following levels of corporate earnings before taxes: $19,800; $70,800; $302,000; $715,000; $1.3 million; $18 million; and $24 million. The tax liability for corporate earnings before taxes of $19,800 is $ (Round to the nearest dollar.) More info Corporate Tax Rate Schedule Tax calculation Taxable…* 00 Oakdale Fashions, Inc. had $245,000 in 2018 taxable income. Using the tax schedule in Table 23 to calculate the company's 2018 income taxes. (Round your answer to the nearest dollar amount.) Income taxes What is the average tax rate? (Round your answer to 2 declmal places.) Average tax rate What is the marginal tax rate? Marginal tax rate K Prev 3 of 5 Next > be here to search. 近。 F4 F5 F7 F8 F10 てい2 23 4 24 & 5.Assume that The Bell Company operates in an industry for which NOL carryback is allowed. The Bell Company had the following operating results: Year Income (loss) Tax rate Income tax 2018 40,000 25 % 10,000 2019 40,000 25 % 10,000 2020 50,000 30 % 15,000 2021 (130,000 ) 30 % 0 What is the income tax refund receivable? A) $27,000. B) $24,000. C) $25,000 D) $21,000.
- Z (Corporate income tax) Meyer Inc. has taxable income (earnings before taxes) of $319,000. Calculate Meyer's federal income tax liability using the tax table shown in the popup window: What are the firm's average and marginal tax rates? The firm's tax liability for the year is $. (Round to the nearest dollar.) 2 30 F2 W S Data table iple X भ command Taxable Income $0-$50,000 $50,001-$75,000 $75,001-$100,000 $100,001-$335,000 39% $335,001-$10,000,000 34% $10,000,001-$15,000,000 35% $15,000,001-$18,333,333 38% 35% Over $18,333,333 (Click on the icon in order to copy its contents into a spreadsheet.) # 3 Get more help - 80 E D $ 4 C 000 000 F4 R Print F % 5 Marginal Tax Rate 15% 25% 34% V F5 T Done G MacBook Air A 6 P F6 B Y & 7 H 44 F7 U N X 00 * 8 J DII FB 1 1 M 9 K MOSISO BB F9 O 1 O < I H L F10 Clear all P 11 • V command : ; FIX { + + 11 Check answer = 1 ? option 14 1 F12 } 1 A delete 1P1-7 Average corporate tax rates Ordinary income in 2017 was taxed subject to the rates shown in the accompanying table. Using the data in the table, perform the following: a. Calculate a firm's tax liability, after-tax earnings, and average tax rate for the following levels of corporate earnings before taxes: $ 20,000; $70,000; $300,000; $700,000; $1.2 million; $16 million; and $22 million.1. soru At the end of 2019, The Business with 20% Corporate tax rate has Expenses: TL3.150.000 and Revenues: TL3.375.000. How much is the Tax Payable if the business prepaid income tax of TL15.000 during the accounting period? a.TL30.000 b.TL15.000 c.TL45.000 d.TL60.000
