Oakdale Fashions, Inc., had $275,000 in 2015 taxable income.
Use the tax schedule in Table 2.3...
Oakdale Fashions, Inc., had $275,000 in 2015 taxable income.
Use the tax schedule in Table 2.3
to calculate the company’s 2015 income taxes.
Income taxes
$
What is the average tax rate? (Round your answer to 2
decimal places.)
Average tax
rate
%
What is the marginal tax rate?
Marginal tax
rate
%
The 2016 Federal Income Tax Brackets for a single filer are as
follows:
Taxable Income Tax...
The 2016 Federal Income Tax Brackets for a single filer are as
follows:
Taxable Income Tax Rate $0 to $9,275 10% $9,276 to $37,650
$927.50 plus 15% of the amount over $9,275 $37,
651 to $91,150 $5,183.75 plus 25% of the amount over $37,650
$91,151 to $190,150 $18,558.75 plus 28% of the amount over
$91,150
$190,151 to $413,350 $46,278.75 plus 33% of the amount over
$190,150
$413,351 to $415,050 $119,934.75 plus 35% of the amount over
$413,350
$415,051 or more...
Sunland Inc. has two temporary differences at the end of 2016.
The first difference stems from...
Sunland Inc. has two temporary differences at the end of 2016.
The first difference stems from installment sales, and the second
one results from the accrual of a loss contingency. Sunland’s
accounting department has developed a schedule of future taxable
and deductible amounts related to these temporary differences as
follows.
2017
2018
2019
2020
Taxable amounts
$38,300
$51,000
$58,800
$79,300
Deductible amounts
(14,200
)
(19,800
)
$38,300
$36,800
$39,000
$79,300
As of the beginning of 2016, the enacted tax rate...
Moose Industries faces the following tax schedule:
Taxable Income Tax on Base of Bracket Percent on...
Moose Industries faces the following tax schedule:
Taxable Income Tax on Base of Bracket Percent on Excess Above
Base
Base Up to $50,000 $0 15%
$50,000-$75,000 7,500 25
$75,000-$100,000 13,750 34
$100,000-$335,000 22,250 39
$335,000-$10,000,000 113,900 34
$10,000,000-$15,000,000 3,400,000 35
$15,000,000-$18,333,333 5,150,000 38
Over $18,333,333 6,416,667 35
Last year the company realized $450,000 in operating income
(EBIT). Its annual interest expense is $1,500,000.
a) How much tax does the company owe on this income?
b) What is the average tax...
Compute HC Inc.’s current-year taxable income given the
following information relating to its 2019 activities. Also,...
Compute HC Inc.’s current-year taxable income given the
following information relating to its 2019 activities. Also,
compute HC’s Schedule M-1 assuming that HC’s federal income tax
expense for book purposes is $30,000. Use Exhibit 16-6.
Gross profit from inventory sales of $310,000 (no book–tax
differences).
Dividends HC received from 28 percent-owned corporation of
$120,000 (this is also HC’s pro rata share of the corporation’s
earnings).
Expenses other than DRD, charitable contribution (CC),
and net operating loss (NOL), are $300,000 (no...
Jennings Inc. reported the following pretax income (loss) and
related tax rates during the years 2019–2022....
Jennings Inc. reported the following pretax income (loss) and
related tax rates during the years 2019–2022.
Year Pretax Income (Loss) Tax Rate
2019 80,000 40%
2020 (180,000) 40%
2021 70,000 20%
2022 100,000 20%
Pretax financial income (loss) and taxable income (loss) were
the same for all years since Jennings began business. The tax rates
from 2019–2022 were enacted in 2019.
Instructions: (a) Prepare the journal entries for the years
2020–2022 to record income taxes payable (refundable), income tax
expense...
Jennings Inc. reported the following pretax income (loss) and
related tax rates during the years 2019–2022....
Jennings Inc. reported the following pretax income (loss) and
related tax rates during the years 2019–2022.
Pretax Income (loss)
Tax Rate
2019
$80,000
40
%
2020
(180,000)
40
%
2021
230,000
20
%
2022
100,000
20
%
Pretax financial income (loss) and taxable income (loss) were the
same for all years since Jennings began business. The tax rates
from 2019–2022 were enacted in 2019.
Your answer is partially correct. Try again.
Prepare the journal entries for the years 2020–2022 to...
Riverbend Inc. received a $200,000 dividend from stock it held
in Hobble Corporation. Riverbend's taxable income...
Riverbend Inc. received a $200,000 dividend from stock it held
in Hobble Corporation. Riverbend's taxable income is $2,100,000
before deducting the dividends received deduction (DRD), a $40,000
NOL carryover, and a $100,000 charitable contribution. Use Exhibit
16-6. (Round your tax rates to 1 decimal place. Leave no answer
blank. Enter zero if applicable.) Problem 16-48 Part a a. What is
Riverbend’s deductible DRD assuming it owns 10 percent of Hobble
Corporation?
Jennings Inc. reported the following pretax income (loss) and
related tax rates during the years 2019–2022....
Jennings Inc. reported the following pretax income (loss) and
related tax rates during the years 2019–2022.
Pretax Income (loss)
Tax Rate
2019
$80,000
40
%
2020
(180,000)
40
%
2021
230,000
20
%
2022
100,000
20
%
Pretax financial income (loss) and taxable income (loss) were the
same for all years since Jennings began business. The tax rates
from 2019–2022 were enacted in 2019.
Prepare the journal entries for the years 2020–2022 to record
income taxes payable (refundable), income tax...
Riverbend Inc. received a $200,000 dividend from stock it held
in Hobble Corporation. Riverbend's taxable income...
Riverbend Inc. received a $200,000 dividend from stock it held
in Hobble Corporation. Riverbend's taxable income is $2,100,000
before deducting the dividends received deduction (DRD), a $40,000
NOL carryover, and a $100,000 charitable contribution. Use Exhibit
16-6. (Round your tax rates to 1 decimal place. Leave no answer
blank. Enter zero if applicable.) Problem 16-48 Part e e. What is
Riverbend’s DRD assuming it owns 85 percent of Hobble Corporation
(and is part of the same affiliated group)?