18. Calculate the amount of corporate income tax due and the net income after taxes (in $) for the corporation. (Assume the corporate tax rate is 21%.) Name Taxable Income Tax Liability Net Income after Taxes Corporation 1 $256,100 $ $

18. Calculate the amount of corporate income tax due and the net income after taxes (in $) for the corporation. (Assume the corporate tax rate is 21%.) Name Taxable Income Tax Liability Net Income after Taxes Corporation 1 $256,100 $ $

Essentials Of Investments

11th Edition

ISBN:9781260013924

Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Chapter1: Investments: Background And Issues

Section: Chapter Questions

Problem 1PS

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Name	Taxable Income	Tax Liability	Net Income after Taxes
Corporation 1	$256,100	$	$

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what is total tax paid by firm and owner, when corporation has$790 in profits and a 34.2% tax rate (individual tax rate is 12.13%
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Taxable Income and Total Tax Liability are in thousands. Item Number of returns Taxable income Under $15,000 30,715,203 Total tax liability Average tax rate* $ 5,400,125 $ 529,117 9.80% Ranges of Adjusted Gross Income $15,000 to under $30,000 27,411,021 $ 189,357,926 $ 15,530,244 $30,000 to under $50,000 28,926,896 $ 639,301,718 $ 55,477,985 8.20% 8.68% *The average tax rate is total tax liability divided by taxable income. Required: $50,000 to under $100,000 37,548,054 $ 1,912,937,663 $ 214,989,667 11.24% $100,000 to under $200,000 24,180,826 $ 2,687,830,279 $ 385,058,662 14.33 % $200,000 or more 11,616,732 $ 6,249,277,422 $ 1,591,015,179 25.46% a. If the federal tax system was changed to a proportional tax rate structure with a tax rate of 17.10%, calculate the amount of tax liability for 2021 for all taxpayers. b. What is the amount and nature of difference from actual tax liability specified in the above table? Required A Required B If the federal tax system was changed to a…
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