The Dakota Corporation had a 2021 taxable income of $30,500,000 from operations after all operating costs but before (1) interest charges of $8,300,000, (2) dividends recelved of $730,000, (3) dividends paid of $5.150.000, and (4) income taxes (the firm's tax rate is 21 percent). a. Calculate Dakota's income tax lability. (Round your answer to the nearest dollar amount,.) Answer is complete but not entirely correct. 4,707,990 O

2.     Haag Corp.'s 2021 income statement showed pretax accounting income of $2,500,000. To compute the federal income tax liability, the following 2021 data are provided: Income from exempt municipal bonds                                                      $  100,000 Depreciation deducted for tax purposes in excess of depreciation       deducted for financial statement purposes                                             200,000 Estimated federal income tax payments made                                             330,000 Enacted corporate income tax rate                                                                     20% What amount of current federal income tax liability should be included in Hagg's December 31, 2021 balance sheet? a.   $110,000 b.   $150,000 c.   $170,000 d.   $440,000                                       -1-

5 Suppose that in addition to $17.95 million of taxable income, Texas Taco, Inc., received $2,100,000 of interest on state-issued bonds and $710,000 of dividends on common stock it owns in Arizona Taco, Inc. (Use corporate tax rate of 21 percent for your calculations.) a. Calculate Texas Taco's income tax liability. (Enter your answer in dollars not in millions.) Income tax liability b. What are Texas Taco's average and marginal tax rates on taxable income? (Round your answers to 2 decimal places.) Average tax rate Marginal tax rate % %

Arndt, Inc. reported the following for 2021 and 2022 ($ in millions): 2021 2022 Revenues $ 888 $ 980 Expenses Pretax accounting income (income statement) Taxable income (tax return) 760 800 $ 128 $ 116 $ 180 $ 200 Tax rate: 25% a. Expenses each year include $30 million from a two-year casualty insurance policy purchased in 2021 for $60 million. The cost is tax deductible in 2021. b. Expenses include $2 million insurance premiums each year for life insurance on key executives. c. Arndt sells one-year subscriptions to a weekly journal. Subscription sales collected and taxable in 2021 and 2022 were $33 million and $35 million, respectively. Subscriptions included in 2021 and 2022 financial reporting revenues were $25 million ($10 million collected in 2020 but not recognized as revenue until 2021) and $33 million, respectively. Hint View this as two temporary differences-one reversing in 2021; one originating in 2021. d. 2021 expenses included a $14 million unrealized loss from reducing…

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The Wendt Corporation had $10.5 million of taxable income.a. What is the company’s federal income tax bill for the year?b. Assume the firm receives an additional $1 million of interest incomefrom some bonds it owns. What is the additional tax on this interestincome?c. Now assume that Wendt does not receive the interest income but doesreceive an additional $1 million as dividends on some stock it owns.What is the additional tax on this dividend income?

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You have calculated the adjusted profit for the company to be $2,000,000. Capital Allowance was $20,000. The tax rate is 25%.Estimated tax paid during the year is $750,000. Employment Tax Credit available (which is nonrefundable)is $700,000. The tax refundable for this company is.a. $950,000b. $500,000c. $250,000d. $200,000

am.100

The tax rates are as shown below: Taxable Income Tax Rate $ 0 - 50,000 15 % 50,001 - 75,000 25 % 75,001 - 100,000 34 % 100,001 - 335, 000 39 % Your firm currently has taxable income of $81,600. How much additional tax will you owe if you increase your taxable income by $22, 800 ?