(Corporate income tax) G. R Edwin Inc had sales of $6.09 million during the past year. The cost of goods sold amounted to $2.5 million Operating expenses totaled to determine the firm's tax liability What are the firm's $2.54 million, and interest expense was $25,000 Use the corporate tax rates shown in the popup window average and marginal tax rates? The firm's tax liability for the year is $ (Round to the nearest dollar)

(Corporate income tax) G. R Edwin Inc had sales of $6.09 million during the past year. The cost of goods sold amounted to $2.5 million Operating expenses totaled to determine the firm's tax liability What are the firm's $2.54 million, and interest expense was $25,000 Use the corporate tax rates shown in the popup window average and marginal tax rates? The firm's tax liability for the year is $ (Round to the nearest dollar)

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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(Corporate income tax) The Robbins Corporation is an oil wholesaler. The company's sales last year were $1 04 milion, with the cost of goods sold equal to $636,000. The fimm pad interest of $223,000, and is cash operating expenses were $150,000 Also, the fimm received $32,000 in dividend income while paying only $14.000 in dividends to its preferred stockholders Depreciation expense was $156,000 Compute the firm's tax liability by using the corporate tax rate structure in the popup window. Based on your answer, does management need to take any additional action? - X Calculate the gross profits The gross profits are $ (Round to the nearest dollar) Data table (Cick on the following on in order to copy its contents into a spreadsheet) Corporate Tax Rates 15% 25% 34% 35% $0-$50,000 $50,001-$75,000 $75,001-$10,000,000 over $10,000,000 Additional surtax *5% on income between $100,000 and $335.000 3% on ncome between $15,000 000 and $18.333,333
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Corporate Tax Rate Schedule Range of taxable income $0 to 50,000 to 75,000 to 100,000 to 335,000 to 10,000,000 to 15,000,000 to Over 18,333,333 $50,000 75,000 100,000 335,000 10,000,000 15,000,000 18,333,333 Base tax + + (15% $0 7,500 + (25% 13,750 + (34% 22,250 + (39% 113,900 + (34% 3,400,000 + (35% 5,150,000 + (38% 6,416,667 + (35% Tax calculation (Marginal ratex amount over base bracket) x amount over x amount over x amount over x amount over x amount over x amount over x amount over x amount over $0) 50,000) 75,000) 100,000) 335,000) 10,000,000) 15,000,000) 18,333,333)