c. Calculate the taxable income for State X for each company. State X taxable incomeSharon Carol Josey Janice d. Determine the tax liability for State X for the entire group. Sharon Incorporated is headquartered in State X and owns 100 percent of Carol Corporation, JoseyCorporation, and Janice Corporation, which form a single unitary group. Assume sales operations are withinthe solicitation bounds of Public Law 86-272. Each of the corporations has operations in the following states:DomicileStateDividendincomeBusinessincomeSales:State XSales:State YSales:State ZSales:State ASales:State BProperty:State XProperty:State YProperty:State ZProperty:State APayroll:State XPayroll:State YPayroll:State ZPayroll:State ASharonCarolJoseyIncorporated Corporation CorporationState X State YState Z(throwback) (throwback) (nonthrowback)$ 1,490$ 525$ 58046,25015,50059,75020,30060,50075,20021,90015,90060,00065,00012,30028,40093,50015,50055,75013,40012,5007,85028,00043,5003, 150JaniceCorporationState Z(nonthrowback)$ 48515,70018,60012,50011,70014, 20025,50011,10010, 200Compute the following for State X assuming a tax rate of 15 percent.Note: Use an equally weighted three-factor apportionment. Round all apportionment factors to 4 decimalplaces. Round other answers to the nearest whole dollar amount. Leave no answer blank. Enter zero ifapplicable.

Under the solicitation bounds of Public Law 86-272, the business income should be assigned to the…

Sharon Incorporated is headquartered in State X and owns 100 percent of Carol Corporation, Josey Corporation, and Janice Corporation, which form a single unitary group. Assume sales operations are within the solicitation bounds of Public Law 86-272. Each of the corporations has operations in the following states: Domicile State Dividend income Business income Sales: State X Sharon Carol Josey Incorporated Corporation Corporation State X State Y State Z (throwback) (throwback) (nonthrowback) (nonthrowback) $ 1,490 $ 525 $ 580 $ 485 60,500 46,250 75,200 15,500 13,400 12,500 Janice Corporation State Z 15,700 18,600

Sharon Incorporated is headquartered in State X and owns 100 percent of Carol Corporation, Josey Corporation, and Janice Corporation, which form a single unitary group. Assume sales operations are within the solicitation bounds of Public Law 86-272. Each of the corporations has operations in the following states: Domicile State Dividend income Business income Sales: State X Sharon Carol Josey Incorporated Corporation Corporation State X State Y State Z (throwback) (throwback) (nonthrowback) (nonthrowback) $ 1,490 $ 525 $ 580 $ 485 60,500 46,250 75,200 15,500 13,400 12,500 Janice Corporation State Z 15,700 18,600

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Explain two income tax credits available to your client to reduce their income tax liability.
1. Marginal tax brackets The amount of federal income taxes that you are required to pay is based on your filing status, your taxable income, and the IRS tax rate tables. The income tax tables are meaning the tax rates increase as taxable income increases. Each filing status has seven income ranges, or brackets, and the rates are 10%, 12%, 22%, 24%, 32%, 35%, and 37%. As your taxable Income Increases, you pay at a higher rate, but only on the income that falls within a range. The following tax brackets show how the tax in the IRS tax tables is calculated. Tax Bracket Single 10% 12% $0-$11,000 $11,001-$14,725 Tax Brackets Married Filing Jointly $0-$22,000 22% $44,726-$95,375 $22,001-$89,450 $89,451-$190,750 24% $95,376-$182,100 $190,751-$364,200 32% $182,101-$231,250 $364,201-$462,500 35% $231,256-$578,125 $162,501-$693,750 37% $578,126+ $693,751+ Single Filers Taxable Income Tax $0-$11,000 of taxable income $11,001-$44,725 plus $44,726-$95,375 plus $95,376-$182,100 plus…
1. Assuming the taxpayer is a CORPORATION, how much is the OSD and net taxable income using OSD?
a. Use Georgia's Corporate Income Tax Form 600 and Instructions to determine what federal-to-state adjustments Bulldog needs to make for Georgia. Bulldog's federal taxable income was $194,302. Calculate its Georgia state tax base.
Patriot Corporation reports the following results for the current year: View the current year results. Read the requirements. Requirement a. What are Patriot's taxable income and income tax liability for the current year? Begin by computing Patriot's taxable income. (If an input field is not used in the table, leave the input field empty; do not select a label or enter a zero.) Gross income Minus: Taxable income Requirements a. What are Patriot's taxable income and income tax liability for the current year? b. How would your answers to Part a change if Patriot's short-term capital loss is $12,000 instead of $2,000? Print Done - X Current Year Results Gross profits on sales Long-term capital gain Long-term capital loss Short-term capital gain Short-term capital loss Operating expenses Print $ 159,000 7,000 8,000 9,000 2,000 70,000 Done X
Establish one tax planning advantage and one tax planning disadvantage of the TCJA for an S-Corp.
The earnings and losses from a sole proprietorship are reported on O the sole proprietorship's state income tax return O the sole proprietorship's federal income tax return O the sole proprietorship business license form O the individual sole proprietor's personal income tax return
Please answer correctly
Two income statements for Toby Sam Enterprises are shown below. Toby Sam EnterprisesIncome StatementFor the Years 2 and 1 Ending December 31 Year 2 Year 1 Fees earned $674,350 $520,600 Operating expenses 472,045 338,390 Operating income $202,305 $182,210 Prepare a vertical analysis of Toby Sam Enterprises' income statements. Has operating income increased or decreased as a percentage of revenue? a.increased by 5% b.increased by 111% c.decreased by 111% d.decreased by 5%
Compute for the tax due of the following individuals using the RA 10963 tax table. Show computations. 1. A business has net income before tax of P310,000.
Determine the tax liability, marginal tax rate, and average tax rate in each of the following cases. Use the tax tables to determine tax liability. Required: a. Married taxpayers, taxable income of $30,916. b. Single taxpayer, taxable income of $66,829. Note: For all requirements, round "Average tax rate" to 2 decimal places. a. b. Tax liability Marginal tax rate % % Average tax rate % %
The TD1 form is used by employees to claim federal personal tax credits impacting their tax deductions. Choose three of the tax credit amounts available on the TD1 (except the basic personal amount) and explain who might claim these tax credits and how this will impact the employee's tax situation.