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 agoRelated 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
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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...
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a. Chandler, who files as a single taxpayer,
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Tax liability:
$
Marginal rate:
%
Average rate:
%
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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
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Please show work
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