Question

In: Accounting

Compute the income tax liability for each of the following unrelated C corporations. Click here to...

Compute the income tax liability for each of the following unrelated C corporations.

Click here to access the tax table to use for this problem.

a. Darter Corporation has taxable income of $57,500.
$

b. Owl Corporation has taxable income of $13,036,000.
$

c. Toucan Corporation, a personal service corporation, has taxable income of $845,000.
$

Solutions

Expert Solution

a ) taxable income = 57500

income tax of above 50000 = 7500 + 25%

= 57500 - 50000

= 7500 * 25%

= 1875

= 7500 + 1875

= 9375

b ) taxable income = 13036000

income tax of 10000000 = 3400000 + 35%

= 13036000 - 10000000

= 3036000 * 35%

= 1062600

= 3400000 +1062600

= 4462600

C ) taxable income = 845000

income tax of over 335000 and less than 10000000 = 113900 + 34%

= 845000 - 335000

= 510000 * 34 %

= 173400

= 113900 +173400

= 346800

ekkarill92 answered 2 years ago
Next > < Previous

Related Solutions

Exercise 2-32 (Algorithmic) (LO. 4) Compute the income tax liability for each of the following unrelated...
Exercise 2-32 (Algorithmic) (LO. 4) Compute the income tax liability for each of the following unrelated C corporations. Click here to access the tax table to use for this problem. a. Darter Corporation has taxable income of $69,700. $ b. Owl Corporation has taxable income of $13,948,000. $ c. Toucan Corporation, a personal service corporation, has taxable income of $365,000. $
Click here to access the 2017 tax rate schedule. If required, round the tax liability the...
Click here to access the 2017 tax rate schedule. If required, round the tax liability the nearest dollar. When required, round the average rates to three decimal places before converting to a percentage (i.e. .67073 would be rounded to .671 and entered as 67.1%). a. Chandler, who files as a single taxpayer, has taxable income of $96,200. Tax liability: $ Marginal rate: % Average rate: % b. Lazare, who files as a head of household, has taxable income of $89,400....
Compute SWK Inc.’s tax liability for each of the following scenarios: (Use Corporate Tax Rate Table.)...
Compute SWK Inc.’s tax liability for each of the following scenarios: (Use Corporate Tax Rate Table.) a. SWK’s taxable income is $60,000. b. SWK’s taxable income is $275,000. c. SWK’s taxable income is $15,500,000. d. SWK’s taxable income for the year is $50,000,000.
Use the information below to compute the 2017 taxable income and tax liability for an unmarried...
Use the information below to compute the 2017 taxable income and tax liability for an unmarried taxpayer (age 52 with no dependents). Prepare an analysis showing each item and amount under the appropriate headings of (1) income, (2) gross income exclusions, (3) total gross income, (4) deductions for AGI, (5) AGI, and (7) taxable income. Cash Received Interest on savings account -- $1,728 Gift of money from parent -- $1,000 Rent from farmland owned -- $30,000 Proceeds of life insurance...
Use the information below to compute the 2017 taxable income and tax liability for an unmarried...
Use the information below to compute the 2017 taxable income and tax liability for an unmarried taxpayer (age 52 with no dependents). Prepare an analysis showing each item and amount under the appropriate headings of (1) income, (2) gross income exclusions, (3) total gross income, (4) deductions for AGI, (5) AGI, and (7) taxable income. Cash Received Interest on savings account -- $1,728 Gift of money from parent -- $1,000 Rent from farmland owned -- $30,000 Proceeds of life insurance...
Why do people avoid paying taxes? How to compute total income and tax liability?
Why do people avoid paying taxes? How to compute total income and tax liability?
determine the tax liability for tax year 2017 in each of the following instances. in each...
determine the tax liability for tax year 2017 in each of the following instances. in each case, assume the taxpayer can take only the standard deduction. use the appropriate taxtable and tax rate schedules. a. single taxpayer, not household, with AGI of $23493 and one dependent. b. A single taxpayer, not head of household, with AGI of $169783 and no dependents. c. A married couple filling jointly with AGI of $39945 and two dependents. d. a married couple filling jointly...
Determine the tax liability for tax year 2017 in each of the following instances. In each...
Determine the tax liability for tax year 2017 in each of the following instances. In each case, assume the taxpayer can take only the standard deduction. Use the appropriate Tax Tables and Tax Rate Schedules. Tax table link: http://lectures.mhhe.com/connect/cruz11e_1259713733/2017_tax_table.pdf Tax Rate Schedules Link: http://lectures.mhhe.com/connect/cruz11e_1259713733/2017_tax_rate_schedule.pdf A single taxpayer, not head of household, with AGI of $23,493 and one dependent. A single taxpayer, not head of household, with AGI of $169,783 and no dependents. (Round your intermediate computations to two decimal places...
2. Preferential Rates Income: Determine the taxpayer’s income tax liability for 2020 for each of the...
2. Preferential Rates Income: Determine the taxpayer’s income tax liability for 2020 for each of the scenarios. a. Henrich is married to Sally and their taxable income is $81,000. Included in their taxable income is $1,500 of long-term capital gains. b. Henrich is married to Sally and their taxable income is $81,000. Included in their taxable income is $10,000 of long-term capital gains. c. Henrich is single but provides all of the support for his 10 year-old son. His taxable...
Use the 2019 Tax Rate Schedules to determine the tax liability for each of the following...
Use the 2019 Tax Rate Schedules to determine the tax liability for each of the following cases. A. Single taxpayer, taxable income of $38,862. B. Single taxpayer, taxable income of $89,889. C. Married taxpayers, who file a joint return, have taxable income of $89,889. D. Married taxpayers, who file a joint return, have taxable income of $61,229. E. Married taxpayers, who file a joint return, have taxable income of $38,862. F. Single taxpayer, taxable income of $61,229. Please show work
ADVERTISEMENT
Subjects
ADVERTISEMENT
Latest Questions
ADVERTISEMENT