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Tresset [83]
3 years ago
14

Bulldog Corporation reported taxable income of $925,000 this year, before any deduction for any payment to its sole shareholder

and employee, Georgia Brown. Bulldog chose to pay a bonus of $153,000 to Georgia at year-end. The bonus meets the requirements to be "reasonable" and is therefore deductible by Bulldog. Georgia is subject to a marginal tax rate of 35 percent on the bonus. What is the income tax imposed on the corporate income earned by Bulldog and the income tax on the bonus paid to Georgia
Business
1 answer:
Oliga [24]3 years ago
5 0

Answer:

Explanation:

The computation is shown below:

Corporate tax = (Taxable income - bonus expenses) × corporate tax rate

= (925,000 - $153,000) × 21%

= $162,120

The corporate tax rate is 21% and we take the same for computation

Shareholder tax = Bonus expenses × marginal tax rate

=  $153,000 × 35%

= $53,550

So, the total income tax would be equal to

= $162,120 + $53,550

= $215,670

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3 years ago
How does the budget process make fiscal policy difficult to implement? (lo32-3)?
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3 years ago
Scott tried to file a police report after being victimized by an identity thief. However, the police department was reluctant to
saul85 [17]

Answer:

Explanation:

if the question is select multiple answers then both A and C. if it is just one answer then A.

7 0
3 years ago
Read 2 more answers
Which of the following is a disadvantage of a market economy?a. consumer satisfaction is lowb. it limits freedom for producers a
patriot [66]

Answer: The correct answer is c) It does not provide for everyoned.

Explanation:

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4 0
3 years ago
What voting system is preferred by voting rights activists as a means of increasing minority representation?
Paha777 [63]

Answer:

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