(Corporate income tax) G. R. Edwin Inc. had sales of $5.83 million during the past year. The cost of goods sold amounted to $2.7 million. Operating expenses totaled $2.58 million, and interest expense was $25,000. Use the corporate tax rates shown in the popup window, to determine the firm's tax liability. What are the firm's average and marginal tax rates?
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- (Corporate income tax) G. R Edwin Inc had sales of $6.01 million during the past year. The cost of goods sold amounted to $2.7 million. Operating expenses totaled $2.47 million, and interest expense was $29,000. Use the corporate tax rates shown in the popup window, to determine the firm's tax liability. What are the firm's average and marginal tax rates? The firm's tax liability for the year is S (Round to the nearest dollar) The firm's average tax rate is % (Round to two decimal places) The firm's marginal tax rate is % (Round to the nearest integer.) Data table Taxable Income $0- $50,000 $50,001 - $75,000 $75,001 - $100,000 $100,001 - $335,000 Marginal Tax Rate 15% 25% 34% 39% $335,001-$10,000,000 $10,000,001-$15,000,000 35% $15,000,001-$18,333,333 38% Over $18,333,333 34% 35% (Cick on the icon in order fo copy its contents into a spreadsheel) Print Done(Corporate income tax) G. R. Edwin Inc. had sales of $5.99 million during the past year. The cost of goods sold amounted to $2.9 million. Operating expenses totaled $2.56 million, and interest expense was $21,000. Use the corporate tax rates shown in the popup window, to determine the firm's tax liability. What are the firm's average and marginal tax rates? The firm's tax liability for the year is $. (Round to the nearest dollar.) The firm's average tax rate is %. (Round to two decimal places.) The firm's marginal tax rate is %. (Round to the nearest integer.) 2 W S X mmand 3 20 E D $ 4 C DOO DDD F4 R F % 5 V FS T G 6 B MacBook Air F6 Y & 7 Data table H Over $18,333,333 35% (Click on the icon in order to copy its contents into a spreadsheet) 44 F7 U N Taxable Income $0-$50,000 $50,001-$75,000 $75,001-$100,000 $100,001-$335,000 39% $335.001-$10.000.000 34% $10,000,001-$15,000,000 35% $15,000,001-$18,333,333 38% * 8 J DII 76 - Print 1 M 9 K DE Marginal Tax Rate 15% 25% MOSISO 19 O Done 1…(Corporate income tax) G. R. Edwin Inc. had sales of $6.07 million during the past year. The cost of goods sold amounted to $2.99 million. Operating expenses totaled $2.54 million, and interest expense was $33,000. Determine the firm's tax liabilityby using the corporate ta rate structure in the popup window, Calculate the gross profits. The gross profits are $3,080,000. (Round to the nearest dollar.) Calculate the taxable income. The taxable income is $ 507,000. (Round to the nearest dollar. Calculate the total tax due. The total tax due is $. (Round to the nearest dollar) Data table (Click on the following icon in order to copy its contents into a spreadsheet.) Corporate Tax Rates 15% 25% 34% 35% (*) Print Additional surtax: * 5% on income between $100,000 and $335,000 • 3% on income between $15,000,000 and $18,333,333 $50,001-$75,000 $75,001-$10,000,000 over $10,000,000 Done $0-$50,000 X
- (Corporate income tax) Barrington Enterprises earned $4.9 million in taxable income (earnings before taxes) during its most recent year of operations. Use the corporate tax rates shown in the popup window., to calculate the firm's tax liability for the year. What are the firm's average and marginal tax rates? The firm's tax liability for the year is $. (Round to the nearest dollar.) View an example 2 99 W S X command # 3 Get more help. 80 E D $ 4 C 888 F4 R F % 5 V T G MacBook Air A 6 *** F6 Y B & 7 H Data table Taxable Income $0-$50,000 $50,001-$75,000 $75,001-$100,000 $100,001-$335,000 39% $335,001-$10,000,000 34% $10,000,001-$15,000,000 35% $15,000,001-$18,333,333 38% 35% Over $18,333,333 (Click on the icon in order to copy its contents into a spreadsheet) 44 F7 U N 8 J DII A 1 1 -o Print 9 K M DD F9 MOSISO Marginal Tax Rate 15% 25% 201 34% O 1 O I Done <` PO L 110 Clear all P command : . ; + { = [ - X Check answer 49 #1 ? V12 1 option } 1 deleCorporate income tax) G. R. Edwin Inc. had sales of $6.06 million during the past year. The cost of goods sold amounted to $2.9 million. Operating expenses totaled $2.44 million, and interest expense was $23,000. Use the corporate tax rates shown in the popup window,, to determine the firm's tax liability. What are the firm's average and marginal tax rates? The firm's tax liability for the year is $. (Round to the nearest dollar.) The firm's average tax rate is%. (Round to two decimal places.) The firm's marginal tax rate is%. (Round to the nearest integer.) Data table Taxable Income $0-$50,000 $50,001-$75,000 $75,001-$100,000 Marginal Tax Rate 15% 25% 34% $100,001 $335,000 39% $335,001-$10,000,000 34% $10,000,001-$15,000,000 35% $15,000,001-$18,333,333 38% 35% Over $18,333,333 (Click on the icon in order to copy its contents into a spreadsheet.) - X(Calculating corporate income tax) G. R. Edwin Inc. had sales of $6 million during the past year. The cost of goods sold amounted to $3 million. Operating expenses totaled $2.6 million, and interest expense was $30,000. Determine the firm's tax li- ability. What are the firm's average and marginal tax rates?
- (Corporate income tax) Boisjoly Productions had taxable income of $19.9 million. a. Calculate Boisjoly's federal income taxes by using the corporate tax rate structure in the popup window, b. Now calculate Boisjoly's average and marginal tax rates. c. What would Boisjoly's federal income taxes be if its taxable income was $29.3 million? d. Now calculate Boisjoly's average and marginal tax rates with taxable income of $29.3 million. a. Calculate Boisjoly's federal income taxes. The total tax due is $. (Round to the nearest dollar.)A firm's income statement included the following data. The firm's average tax rate was 30%. (Round each step to the nearest dollar.) Cost of goods sold Income taxes paid Administrative expenses Interest expense Depreciation a. What was the firm's net income? Net income b. What must have been the firm's revenues? Revenues c. What was EBIT? EBIT tA $ 7,600.00 11,271.00 1,900.00 2,600.00 3,200.00 LAUsing the Corporated Federal Income Tax Rate (2006), calculate the federal income tax that should be paid by a company that has a gross income of $250,000, expenses of $70,000, and depreciation of $20,000 O a. $22,250 O b. $160,000 Oc $45,650 O d. $62,400
- G. R. Edwin Inc. had sales of $5.88 million during the past year. The cost of goods sold amounted to $2.8 million. Operating expenses totaled $2.57 million, and interest expense was $30,000. Use the corporate tax rates shown in the popup window, Taxable Income Marginal Tax Rate $0−$50,000 15% $50,001−$75,000 25% $75,001−$100,000 34% $100,001−$335,000 39% $335,001−$10,000,000 34% $10,000,001−$15,000,000 35% $15,000,001−$18,333,333 38% Over $18,333,333 35% , to determine the firm's tax liability. What are the firm's average and marginal tax rates?The tax rates for a particular year are shown below: Taxable Income Tax Rate $0 - 50,000 15% 50,001 - 75,000 25% 75,001 - 100,000 34% 100,001 - 335,000 39% What is the average tax rate for a firm with taxable income of $128,013?Bryon Brooks Inc. recently reported 15 million of net income. Its EBIT was 20.8 million, and its tax rate was 25%. What was its intrest expense?(Hint: Write out the headings for an income statement, and fill in the known values. Then divide 15 million of net income by (1-T)= 0.75 to find the pretax income. The difference between EBIT and taxable income must be intrest expense.