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 $  $

A-7

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…

Timpanogos Incorporated is an accrual-method, calendar-year corporation. For 2022, it reported financial statement income after taxes of $1,342,000. Timpanogos provided the following information relating to its 2022 activities: Life insurance proceeds as a result of CEO's death Revenue from sales (for both book and tax purposes) $ 200,000 $2,000,000 Premiums paid on the key-person life insurance policies. The policies have no cash surrender value. Charitable contributions $ 21,000 $ 180,000 Cost of goods sold for book and tax purposes $ 300,000 Interest income on tax-exempt bonds $ 40,000 Interest paid on loan obtained to purchase tax-exempt bonds $ 45,000 Rental income payments received and earned in 2022 $ 15,000 Rental income payments received in 2021 but earned in 2022 $ 10,000 Rental income payments received in 2022 but not earned by year-end $ 30,000 Tax depreciation $ 55,000 $ 25,000 Book Depreciation Net capital loss $ 42,000 Federal income tax expense for books in 2022 $…

H8.

2. Table is given below shows that marginal tax rates for Alejandro Corporation. Taxable Income of the Company is equal to $44.000. How much will the Company pay tax totally? Average tax rate? (15p) NOTE: PLEASE SHOW HOW YOU COMPUTE EACH OF THE ITEMS. Taxable Income ($) Tax Rate 0 – 16.000 10% 16.000 – 39.000 12% 39.000 – 55.000 16% 55.000 – 70.000 19% 70.000 – 86.000 23%

Chapter 3 Activity – Taxes   Individual Income Tax Brackets (2021) Marginal Tax Rate Single, taxable income over: Joint, taxable income over: Head of Household, taxable income over: 10% $0 $0 $0 12% $9,950 $19,900 $14,200 22% $40,525 $81,050 $54,200 24% $86,375 $172,750 $86,350 32% $164,925 $329,850 $164,900 35% $209,425 $418,850 $209,400 37% $523,600 $628,300 $523,600     Standard Deduction Amounts (2021) Filing Status Deduction Amount Single $12,550 Married Filing Jointly $25,100 Head of Household $18,800     Long-term Capital Gains & Qualified Dividends (2021) Tax Rate Single Joint Head of Household 0% Under $40,000 Under $80,800 Under $54,100 15% $40,400 $80,800 $54,100 20% $445,850 $501,600 $473,750   Additional 3.8% Net Investment Income Tax for MAGI over $200,000 / $250,000 / $200,000     Calculate the federal income…

Can I  have some help with this practice question?

Sh4

A C corporation earns $4 per share before taxes. The corporate tax rate is 21%, the personal tax rate on dividends is 15%. What is the total amount $ of taxes paid (company + individual) if the company pays a $2 dividend?