Determine the amount of cash paid for income taxes in each of the nine independent situations below. All dollars are in millions.Note: Enter your answers in millions rounded to 1 decimal place (i.e., 5,500,000 should be entered as 5.5).Deferred Tax LiabilityIncrease (Decrease)Cash Paid forTaxesSituationIncome TaxExpenseIncome Tax PayableIncrease (Decrease)11902191.8319(1.8)4190002.95190(2.9)6191.82.97191.8(2.9)00819(1.8)919(1.8)(2.9)2.9

final answer SituationIncome Tax ExpenseIncome Tax Payable Increase (Decrease)Deferred Tax Liability…

Answered: Determine the amount of cash paid for…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter12: Current Liabilities

Section: Chapter Questions

Problem 2EA: Consider the following accounts and determine if the account is a current liability, a noncurrent...

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I need step by step instructions for the problem e) what is the average income tax rate?** I know you have to divide total tax expense by the net income before taxes.So,For E) the income tax expense is $13,134Net Income before tax??Average Tax rate: ??Revenue : (sales) $144000(service) $28700All the taxes :depreciation tax $10400Interest expense $2400Income Tax expense. $13,134Supplies expense. $12,700F) if $18,500 of dividends had been declared and paid during year, what was the January 1 2016 balance of retained earnings?Retained Earnings Dec 31st : $59000Dividens declared: ???Retained Earnings January 1st: ???Please solve and explain thoroughly.
Determine the amount of cash paid for income taxes in each of the nine independent situations below. All dollars are in millions. (Enter your answers in millions rounded to 1 decimal place (i.e., 5,500,000 should be entered as 5.5).) Situation Income Tax Expense Income Tax Payable Increase (Decrease) Deferred Tax Liability Increase (Decrease) Cash Paid for Taxes 1 20 0 0 2 20 1.9 0 3 20 (1.9) 0 4 20 0 3.0 5 20 0 (3.0) 6 20 1.9 3.0 7 20 1.9 (3.0) 8 20 (1.9) (3.0) 9 20 (1.9) 3.0
Consider the following data extracted from an after-tax cash flow calculation. Before-Tax-and-Loan = $22,500 Loan Principal Payment = $7,434 Loan Interest Payment = $892 MACRS Deduction = $7,405 Taxes Due = $3,550.75Which of the following is closest to the after-tax cash flow? a. $1,372 b. $8,777 c. $10,623 d. $16,211
Consider gross earnings of $86,000. The standard deduction is $12,000 and itemized deduction is $8,000. Social security tax rate is 6.2%; Medicare tax rate is 1.45%. How much is the taxable income (for federal income tax)? Give typing answer with explanation and conclusion
With the following data, compute the NET FUTA Tax. Gross FUTA Tax DUE $ 6,750 Credit against FUTA (assume applicable) $3,100 Group of answer choices $3,100 $7,000 $3,650 $6,750
Assume the following: Revenue = $1,500; COGS = $450; SGA = $300; EBIT = $600; Taxable income = $525; Net Income = $315. What is Taxes? 29% 8% 14% 40%
2. Using the following Income Tax data, and given that your annual income is $ 85,000: a) Calculate the total tax (in $); b) The average tax rate (%); c) The marginal tax rate (%); and d) What is the classification of this taxation system? Income ($) Tax Rate (%) 0- 60 000 60 001 - 70 000 10 70 001 - 100 000 15 Over 100 000 17
Assume the following: Single filing status. • Total Income of $100,000 . . . Adjustments of $2,000 Deductions of $12,950 • Tax Payments of $3,000 • Tax Credit of $4,000 How much do you still owe in taxes? Hint: calculate your Taxable Income. Then calculate your Total Taxes Due. Tax Rate 10% 12% 22% 24% 32% 35% 37% O $13,400 Ⓒ$7,018.50 $13,138.50 $10,400 2023 Federal Income Tax Brackets Single Up to $11,000 $11,001 to $44,725 $44,726 to $95,375 $95,376 to $182,100 $182,101 to $231,250 $231,251 to $578,125 Over $578,126 Married Filing Jointly Head of Household Up to $15,700 $15,701 to $59,850 $59,851 to $95,350 $95,351 to $182,100 $182,101 to $231,250 $231,251 to $578,100 Over $578,101 Up to $22,000 $22,001 to $89,450 $89,451 to $190,750 $190,751 to $364,200 $364,201 to $462,500 $462,501 to $693,750 Over $693,751
1) The effect on the FICA Taxes Payable Account when a payment is made is called: a. Increase with a, CRb. Increase with a, DRc. Decrease with a DRd. Decrease with a, CR 2) From the options below, which of the following statements is true? a. Payroll Tax Expense increases on the credit side of the accountb. FICA Medicare Payable increases with a creditc. Federal Income Tax Withholding Payable decreases with a creditd. Employee Payroll Taxes withheld are recorded in Payroll Tax Expense 3) From the options below, identify the one that is NOT an example of internal control proceduresthat help prevent payroll fraud. a. Require mandatory vacations.b. Outsource Payroll Administration.c. Conduct periodic unannounced audits.d. Make sure only one person handles payroll functions. 4) Sally Carson has cumulative earnings of $89,900 and earns $6,500 during the current payperiod. If the FICA rate is 4.2% for Social Security, with a limit of $106,800, and 1.45% forMedicare, applied to all earnings,…
The dollar amounts in the last three columns are the taxes owed under the three different tax systems. Income Tax System A Tax System B Tax System C $ 50.000 $10,000 $25,000 $10,000 100,000 25,000 30,000 20,000 200,000 80,000 40,000 40,000 Which of the three tax systems is regressive? O Tax System A Tax System B O Tax System C O None of the systems are regressive.
Using the information below, calculate the individual income tax liability. (Use the following format $0,000.00) Tax Rate 10% $0 to $9,875 12% $9,876 to $40,125 22% $40,126 to $85,525 24% $85,526 to $163,300 32% $163,301 to $207,350 35% $207,351to $518,400 37%$518,401to For Single Individuals Taxable Income $85,000
Show the solution in good accounting form. Thank you! 1. What amount should be reported as current tax expense for the current year? a. ₱ 1,350,000 b. ₱ 2,250,000 c. ₱ 1,950,000 d. ₱ 1,050,000 2. What amount should be reported as total income tax expense? a. ₱ 2,250,000 b. ₱ 1,050,000 c. ₱ 1,350,000 d. ₱ 1,950,000 3. What amount of income tax payable should be presented at year-end? a. ₱ 1,050,000 b. ₱ 2,250,000 c. ₱ 1,350,000 d. ₱ 1,950,000

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