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xeze [42]
2 years ago
14

Item8 4 points Time Remaining 44 minutes 36 seconds00:44:36 Item 8 Time Remaining 44 minutes 36 seconds00:44:36 Information for

Kent Corp. for the year 2021: Reconciliation of pretax accounting income and taxable income: Pretax accounting income $ 180,000 Permanent differences (15,000 ) 165,000 Temporary difference-depreciation (12,000 ) Taxable income $ 153,000 Cumulative future taxable amounts all from depreciation temporary differences: As of December 31, 2020 $ 13,000 As of December 31, 2021 $ 25,000 The enacted tax rate was 25% for 2020 and thereafter. What should Kent report as the current portion of its income tax expense in the year 2021
Business
1 answer:
arsen [322]2 years ago
8 0

Answer: $38,250

Explanation:

Current portion of tax is the amount of tax payable on the current taxable income:

= Taxable income * tax rate

= 153,000 * 25%

= $38,250

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Because of an accident Royce was involved in, his insurance company has increased his annual premium for auto insurance by 5. 2%
PSYCHO15rus [73]

Premium is often paid by people based on some kinds of services offered.

From the picture attached, we can see Royce' premiums for the previous year, which were;

  • Bodily injury $22.50
  • Property damage $144.75
  • Collision $275.75
  • Comprehensive $100

If you add all together, the total premium of the policy was $543

Note that the premiums will increase by 5.2%,

therefore, the new total premium will be = $543 x 1.052 = $571.24

Learn more from

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7 0
2 years ago
Wayne Company's beginning and ending inventories for the month of June were as follows:
ipn [44]

Answer:

d. $487,750

Explanation:

Cost of goods manufactured

<em>Consider only the manufacturing costs</em>

Cost of goods manufactured = $145,000 +  $200,000 +  $ 170,000 + ($5.75 x  25,000) - $171,000

                                                =  $487,750

Note : Only overheads applied $143,750 ($5.75 x  25,000) are added to cost of goods manufactured instead of actual overheads.

Conclusion

the amount of cost of goods manufactured is  $487,750

5 0
3 years ago
What are the advantages of taking a criminal case to the criminal grand jury?
sattari [20]
The main advantage<span> of a </span>grand jury<span> is that it provides a system for conducting a legally-binding "dry run" before a formal and protracted </span>criminal trial<span> takes place. </span>
4 0
3 years ago
A chemical reactor gives a fractional conversion of only 10% of the expensive limiting reactant in the feed stream. Assuming not
slavikrds [6]

Answer:

Explanation:

A) install a SEPARATION unit on the output from the reactor and feed the unreacted reagents back to the reactor feed in a RECYCLE stream.

B) Even if one had a perfect separation unit, the 65% or reactant which went to undesirable side reaction is wasted. Recycle is not effective to help poor selectivity of the reactor.

7 0
3 years ago
Chuck earns an additional $40,000 of taxable income, what is his marginal tax rate on this income? What is his marginal rate if,
yulyashka [42]

Answer:

The question is not complete.

Here is the complete question:

Chuck, a single taxpayer, earns $75,000 in taxable income and $10,000 in interest from an investment in City of Heflin bonds. (Use the US tax rate schedule)

Required:

a. If Chuck earns an additional $40,000 of taxable income, what is his marginal tax rate on this income?

b. What is his marginal rate if, instead, he had $40,000 of additional deductions?

Here are the answers:

a. 24%

b. 12%

Explanation:

Marginal tax rate is an incremental tax rate that is paid out of the taxable income of a tax payer. It represents the rate at which the last unit of dollar of the taxable income is taxed. The marginal rate for each income bracket is supplied by the Internal Revenue Service (IRS).

                                Chuck Marginal Tax Rate

a) The marginal tax rate for Chuck if he earns additional $40,000 taxable income will be:

= $75,000 + $40,000

= $115,000

Marginal tax rate for $115,000 is 24% according IRS tax rate schedule.

b) If instead, it is an additional deduction of $40,0000, the marginal tax rate will be:

= $75,000 - $40,000

= $35,000

The marginal tax rate for taxable income of $35,000 is 12% according IRS tax rate schedule.

Note: the interest is categorized as interest from municipal bond, so it is tax free.

It is also assumed that Chuck is single. Hence, tax rate under single filer applies to him.

6 0
3 years ago
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