1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
scZoUnD [109]
3 years ago
6

The tax liability of a corporation with ordinary income of $105,000 is ________. Range of taxable income - Marginal rate $0 to $

50,000 - 15% 50,000 to 75,000 - 25 75,000 to 100,000 - 34 100,000 to 335,000 - 39 335,000 to 10,000,000 - 34 10,000,000 to 15,000,000 - 35 15,000,000 to 18,333,333 - 38 Over 18,333,333 - 35 A) $42,000 B) $35,700 C) $23,950 D) $24,450
Business
1 answer:
zhannawk [14.2K]3 years ago
6 0

Answer:

$24,199.02

Explanation:

corporation's ordinary income = $105,000

tax brackets              taxable income       tax rate          taxed due

$0 - $50,000                 $50,000                 15%           $7,500.00

$50,001 - $75,000        $24,999                 25%           $6,249.75‬

$75,001 - $100,000       $24,999                 34%           $8,499.66

$100,001 - $105,000        $4,999                 39%           $1,949.61

total taxes due                                                                $24,199.02

You might be interested in
During 2019, its first year of operations, Bento Steel Corporation reported a net operating loss of $500,000 for financial repor
erastovalidia [21]

Answer:

The amount of net income reported in 2020 income statement would be $75,000.

Explanation:

Pretax accounting income for 2020 = $100,000

Income tax expense for 2020 = Current tax + Reversal of Deferred tax assets

= ($100,000 - $100,000)*25% + ($100,000*25%)

= $25,000

Amount of net income reported in 2020 income statement = Pretax accounting income - Income tax expense

= $100,000 - $25,000

= $75,000

Therefore, The amount of net income reported in 2020 income statement would be $75,000.

8 0
3 years ago
Starbucks is a global company that provides high-quality coffee products. Assume that as part of its expansion strategy, Starbuc
goldenfox [79]

No, there is not any requirement of recording when the fair value of bonds decreases to $6000000 on December 31 of the current year.

Given that Starbucks purchased bonds with $ 7 million face value at par for cash on July 1 of the current year and the bonds pay 7 percent interest the following June 30 and December 31 and mature in three years.

We are required to tell whether there is requirement of any recording when the fair value of bonds decreases to $6000000 on December 31 of the current year.

A bond is basically a debt security, similar to an IOU and borrowers issue bonds to raise money from investors willing to lend them money for a certain amount of time. When we buy a bond, we are lending to the issuer, which may be a government, municipality, or corporation.

There is not any requirement of any recording when the fair value decreases to $600000 because it is not affecting our books of accounts because in our books they are recorded at face values.

Hence there is not any requirement of recording when the fair value of bonds decreases to $6000000 on December 31 of the current year.

Learn more about bonds at brainly.com/question/25965295

#SPJ4

7 0
1 year ago
May is a stockbroker. Due to May's statements, Nora believes that the price of OK Goods, Inc. (OKGI), a widely traded stock, is
Anna71 [15]

Answer:

$0

Explanation:

A client can only sue a stockbroker, a financial advisor, etc., only if they made them loss money through fraud or negligence. But in this case, May (stockbroker) apparently made a mistake of value, she did nothing illegal. She might be a terrible broker, but that doesn't make her a criminal. She also didn't breach any fiduciary duty, since investing always carries a risk. If Nora doesn't like to assume risks, then she should purchase government bonds.

4 0
2 years ago
Does unemployment affect demand?<br>​
Ivahew [28]

Yes it does. Unemployment is when a person isn't currently hired at a work pleace. If people are unemployed they are making no income so less people are in need of products so it lowers the demand.

6 0
3 years ago
Behaving in an acceptable manner within a workplace environment is refered to as workplace etiquette.
alexandr402 [8]
True because workplace etiquette is behaving with manners and kindness
8 0
3 years ago
Read 2 more answers
Other questions:
  • Support department cost allocation—direct method Becker Tabletops has two support departments (Janitorial and Cafeteria) and two
    6·1 answer
  • A local paintball business receives total revenue of $10,000 per month when it charges $12 per person, and $15,000 in total reve
    6·1 answer
  • McDonald's marketing strategy during the last ten years has added healthy food options to its menu, phased out traditional arter
    14·1 answer
  • hanif gives his neighbor carla his freshly grown tomatoes in exchange for her expert lawn care.What is hanif engaged in
    7·1 answer
  • On a production possibilities​ frontier, 500 pounds of apples and​ 1,200 pounds of bananas can be produced while at another poin
    7·1 answer
  • IMG World’s products and services are geared toward colleges and students, the students of which may be considered young achieve
    15·1 answer
  • Berry Corporation has 100,000 shares of $10 par common stock authorized. The following transactions took place during 2017, the
    13·1 answer
  • Waterway Company sells tablet PCs combined with Internet service, which permits the tablet to connect to the Internet anywhere a
    14·1 answer
  • Hello can someone help me with this because i'm confused about it
    5·2 answers
  • Each of the items below must be considered in preparing a statement of cash flows for Baskerville Co. for the year ended Decembe
    8·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!