Zoose Industries sells sport apparels. The company faces the following tax rate schedule:   Taxable Income Tax on Base of Bracket Percentage on Excess above Base Up to $50,000 $0 15% $50,000-$75,000 7,500 25 $75,000-$100,000 13,750 34 $100,000-$335,000 22,250 39 $335,000-$10,000,000 113,900 34 $10,000,000-$15,000,000 3,400,000 35 $15,000,000-$18,333,333 5,150,000 38 Over $18,333,333 6,416,667 35       Last year the company realized $7,000,000 in operating income (EBIT). Its annual interest expense is $1,500,000. What was the company’s net income for the year?

3. Loudoun Trucking purchases 4,750 truck tires. The federal excise tax is $0.13 per tire. Find the amount (in $) of the excise tax for this transaction. $

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The gross income of the firm is $65,000, operating expense is $15,000, and other deductions and exemptions are $17,000. The other income of the firm is $6,000 and the effective tax rate is 18%. The annual income tax due is   a. $5,400   b. $9,540   $6,480   d. $9,720

If the tax rates are 15% on the first $50,000 of taxable income, and 20% on the next $25,000, and 25% on the next $25,000, what is the tax liability for an individual with $80,000 of taxable income, what is the marginal tax rate, and what is the average tax rate ? a. $10,250, 15%, and 20% b. $25,122, 22%, and 16% c. $11,345, 15%, and 34% d. $13,750, 25%, and 17.19%

Eleanor Print Supplies, Inc., sells laser printers and supplies. Eleanor Print Supplies, Inc., is a corporation subject to a 35% income tax. (Click the icon to view additional information.) Eleanor Print Supplies' income statement-excluding the effects of income tax under each of the average-cost, FIFO, and LIFO inventory costing methods-is given. (Click the icon to view the income statement.) Read the requirements. Compute the company's income tax expense under the average-cost, FIFO, and LIFO inventory costing methods. Sales revenue Cost of goods sold Gross profit Operating expenses Net income before tax Income tax expense Eleanor Print Supplies, Inc. Income Statement Year Ended December 31 Average Cost FIFO $ $ $ 13,545 $ 13,545 $ 6,363 6,291 7,182 $7,254 $ 5,000 5,000 2,182 $ 2,254 $ LIFO 13,545 6,426 7,119 5,000 2,119