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Zina [86]
3 years ago
8

Fast Rocket, Inc. generated a net loss of $5,000 in its first year (2018) and taxable income of $15,000 in its second (2019). As

suming a tax rate of 21%, what is Fast Rocket's total tax for both years
Business
1 answer:
o-na [289]3 years ago
5 0

Answer:

$2100

Explanation:

Net loss = $5000

Taxable income = $15000

Tax rate = 21%

Fast Rocket's total tax for both years is determined by

Taxable income minus net loss multiplied by tax rate

= $(15000-5000) × 21%

= $10000 × 0.21

= $2,100

Fast Rocket's total tax for both years = $2100

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Explanation:

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