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riadik2000 [5.3K]
3 years ago
8

Computing Income Taxes

Business
1 answer:
Anastaziya [24]3 years ago
5 0

Answer:

The​ corporation's tax liability is $ 228,820.

Explanation:

To calculate tax liability we first have to find net profit. Detail calculation is given below.

<u><em>Net profit Calculation</em></u>

Sales                                                                                 $ 3,130,000

cost of goods sold and the operating expenses          ($ 2,080,000)

Interest expense                                                              ( $ 377,000)

Net profit                                                                           $ 673,000

<u><em>Tax liability Calculation</em></u>

Income fall under Tax bracket of  34%  ($75,001 to ​$10,000,0000 for corporate tax. No additional surtax will be charged as income do not fall under its net.

Tax liabilty = 673,000 * 34% = $ 228,820

​

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2 years ago
Brent is a full-time exempt employee in Clark County, Indiana. He earns an annual salary of $39,360 and is paid semimonthly. He
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Answer:

  • Federal Income tax ⇒ $80
  • FICA ⇒ $125.46
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Explanation:

Brent gets paid semi-monthly so his pay per period is:

= 39,360 / (12 months *2)

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= $80

This figure is based on the intersection between income of $1,640 and 3 withholding allowances.

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= 1,640 * 7.65%

= $125.46

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Total deductions:

= Federal tax + FICA + State income tax + Clark County income tax

= 80 + 125.46 + 52.97 + 29.52

= $287.95

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3 years ago
Which button in the Print Preview tab allows users to set specific margins on the page of a report?
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3 years ago
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3 years ago
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