WEEK TWO
1. Corporate Tax Rates
â 15%
â $0ââ$50,000
â 25%
â $50,001ââ$75,000
â 34%
â $75,001ââ$10,000,000
â 35%
overâ $10,000,000
ââAdditionalâ surtax:
ââ
â5% on income betweenâ $100,000 andâ $335,000
ââ
â3% on income betweenâ $15,000,000 andâ $18,333,333
â (Corporate income taxâ) Boisjoly Productions had taxable income of $19.5 million.
a. Calculateâ Boisjoly's federal income taxes by using the corporate tax rate structure.
b. Now calculateâ Boisjoly's average and marginal tax rates.
c. What wouldâ Boisjoly's federal income taxes be if its taxable income was
â$29.6 million?
d. Now calculateâ Boisjoly's average and marginal tax rates with taxable income of
â$29.6 million.
a. Calculateâ Boisjoly's federal income taxes.
The total tax due is $ (Round to the nearestâ dollar.) ANSWER: â (Round to the nearestâ dollar.)
2. Corporate Tax Rates
â 15%
â $0ââ$50,000
â 25%
â $50,001ââ$75,000
â 34%
â $75,001ââ$10,000,000
â 35%
overâ $10,000,000
ââAdditionalâ surtax:
ââ
â5% on income betweenâ $100,000 andâ $335,000
ââ
â3% on income betweenâ $15,000,000 andâ $18,333,333
(Corporate income taxâ) Sandersen Inc. sells minicomputers. During the past year theâ company's sales were $3.7 million. The cost of its merchandise sold came to $1.8 âmillion, and cash operating expenses were $397,000; depreciation expense was â$99,000â, and the firm paid â$151,000 in interest on its bank loans. â Also, the corporation received $48,000 in dividend income but paid $28,000 in the form of dividends to its own common stockholders. Calculate theâ corporation's tax liability by using the corporate tax rate structure.
Calculate the gross profits. The gross profits are â (Round to the nearestâ dollar.) ANSWER:
PLEASE ANSWER EACH QUESTION FULLY AND CORRECTLY!!!!
WEEK TWO
| 1. Corporate Tax Rates | | |||||||||
| â 15% | â $0ââ$50,000 | |||||||||
| â 25% | â $50,001ââ$75,000 | |||||||||
| â 34% | â $75,001ââ$10,000,000 | |||||||||
| â 35% | overâ $10,000,000 | |||||||||
| ââAdditionalâ surtax: | ||||||||||
| ââ â5% on income betweenâ $100,000 andâ $335,000 | ||||||||||
| ââ â3% on income betweenâ $15,000,000 andâ $18,333,333 | ||||||||||
â (Corporate income taxâ) Boisjoly Productions had taxable income of $19.5 million.
a. Calculateâ Boisjoly's federal income taxes by using the corporate tax rate structure.
b. Now calculateâ Boisjoly's average and marginal tax rates.
c. What wouldâ Boisjoly's federal income taxes be if its taxable income was
â$29.6 million?
d. Now calculateâ Boisjoly's average and marginal tax rates with taxable income of
â$29.6 million.
a. Calculateâ Boisjoly's federal income taxes.
The total tax due is $ (Round to the nearestâ dollar.) ANSWER: â (Round to the nearestâ dollar.)
| 2. Corporate Tax Rates | | |||||||||
| â 15% | â $0ââ$50,000 | |||||||||
| â 25% | â $50,001ââ$75,000 | |||||||||
| â 34% | â $75,001ââ$10,000,000 | |||||||||
| â 35% | overâ $10,000,000 | |||||||||
| ââAdditionalâ surtax: | ||||||||||
| ââ â5% on income betweenâ $100,000 andâ $335,000 | ||||||||||
| ââ â3% on income betweenâ $15,000,000 andâ $18,333,333 | ||||||||||
(Corporate income taxâ) Sandersen Inc. sells minicomputers. During the past year theâ company's sales were $3.7 million. The cost of its merchandise sold came to $1.8 âmillion, and cash operating expenses were $397,000; depreciation expense was â$99,000â, and the firm paid â$151,000 in interest on its bank loans. â Also, the corporation received $48,000 in dividend income but paid $28,000 in the form of dividends to its own common stockholders. Calculate theâ corporation's tax liability by using the corporate tax rate structure.
Calculate the gross profits. The gross profits are â (Round to the nearestâ dollar.) ANSWER:
PLEASE ANSWER EACH QUESTION FULLY AND CORRECTLY!!!!
Related questions
Average corporate tax rates ââUsing the corporate tax rate schedule given here LOADING... â, perform theâ following: a. Calculate the taxâ liability, after-taxâ earnings, and average tax rates for the following levels of corporate earnings beforeâ taxes: $10,900â; $78,900â; $303,000â; $499,000â; $1.3 âmillion; $9.6 âmillion; and $20.4 million. b. Plot the average tax ratesâ (measured on the yâ axis) against the pretax income levelsâ (measured on the xâ axis). What generalization can be made concerning the relationship between theseâ variables?
| Corporate Tax Rate Schedule | ||||||||
| Tax calculation | ||||||||
| Range of taxable income | Base tax | plus+ | â(Marginal ratetimes Ãamount over baseâ bracket) | |||||
| $0 to | $50,000 | $0 | plus+ | â(15% | times à | amount over | $0â) | |
| 50,000 to | 75,000 | 7,500 | plus+ | â(25â% | times à | amount over | 50,000â) | |
| 75,000 to | 100,000 | 13,750 | plus+ | â(34% | times à | amount over | 75,000â) | |
| 100,000 | 335,000 | 22,250 | plus+ | â(39% | times à | amount over | 100,000â) | |
| 335,000 to | 10,000,000 | 113,900 | plus+ | â(34% | times à | amount over | 335,000â) | |
| 10,000,000 to | 15,000,000 | 3,400,000 | plus+ | â(35% | times à | amount over | 10,000,000â) | |
| 15,000,000 to | 18,333,333 | 5,150,000 | plus+ | â(38â% | times à | amount over | 15,000,000â) | |
| Over 18,333,333 | 6,416,667 | plus+ | â(35% | times à | amount over | 18,333,333â) | ||
