Question

In 2018 corporations pay a flat 21% Federal Income true or false

In 2018 corporations pay a flat 21% Federal Income true or false

Homework Answers

Answer #1

True

Reason:-

From ist Jan 2018, there has been a flat rate of 21% against the stepped rate of 35%.

Hi mate,
I would be grateful to you if you can provide a thumbs up and write one beautiful comment. It will improve my rating and let me continue my journey here.
In case of doubt, please comment. I will consider myself fortunate if I can help you.
All the best for your bright future.
Be safe from corona. Wear a mask before going out and wash hands frequently especially before touching face
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
True or False All corporations can engage in combined reporting of their income gains, losses and...
True or False All corporations can engage in combined reporting of their income gains, losses and deductions with other corporations so long as the corporations are engaged in a unitary business with the other corporations
The "flat tax" designed by Robert Hall and Alvin Rabushka feature a flat tax for corporations...
The "flat tax" designed by Robert Hall and Alvin Rabushka feature a flat tax for corporations that is higher than the flat tax for individuals. a single flat tax levied only on those individuals who earn more than $500,000 a year. a flat tax for corporations that is lower than the flat tax for individuals. a single flat tax for corporations and for individuals. Replacing the personal income tax with a consumption tax would be the same as imposing a...
Answer the following true or false for each: 1. Partnerships file Federal partnership tax returns and...
Answer the following true or false for each: 1. Partnerships file Federal partnership tax returns and pay federal income taxes. 2. General partners have limited liability. That is, they can only lose their investment in the partnership and are not personally liable for partnership debts. 3. Limited partners can participate in management of the partnership. 4. Limited liability corporations may be treated as either a partnership or a corporation depending on what election is made, 5. Professionals such as accountants,...
In regards to the taxation of corporations, which of the following statements about federal tax return...
In regards to the taxation of corporations, which of the following statements about federal tax return filing dates is false? A corporation with a fiscal tax year ending on April 30 must file its unextended Form 1120 by August 15 following the close of the tax year. In regards to filing annual income tax returns, corporations, like individuals, must file by the 15th day of the fourth month following the close of the tax year. A corporation may request an...
Calendar-year corporations that request an extension for filing their 2018 tax returns will have a tax...
Calendar-year corporations that request an extension for filing their 2018 tax returns will have a tax return due date of October 15. true /false
True or False? The Congressional Budget Office projects that approximately 33.8% of the 2017 federal government...
True or False? The Congressional Budget Office projects that approximately 33.8% of the 2017 federal government tax receipts will come from social insurance taxes (Social Security, Medicare, FUTA, etc.).    13. True or False? Self-employed individuals are exempt from social insurance taxes (Social Security, Medicare, FUTA, etc.).    14.   True or False? Once an individual reaches a certain level of year-to-date income, he/she can stop paying Social Security tax.    15.   True or False? Under the Fair Labor Standards act,...
double taxation occurs when corporations make dividend payments to stockholders true or false
double taxation occurs when corporations make dividend payments to stockholders true or false
a. The portion of income taxes expense that is deferred to future tax returns is credited...
a. The portion of income taxes expense that is deferred to future tax returns is credited to a noncurrent asset account entitled Deferred Income Taxes TRUE OR FALSE b. A corporation, like a partnership, must file a corporate income tax return and pay tax on its earnings TRUE OR FALSE c. For an individual taxpayer, the federal income tax rate on ordinary income is at least as high as the rate on capital gains TRUE OR FALSE D. Deferred tax...
Like individuals, corporations can claim both deductions for and deductions from AGI. True False
Like individuals, corporations can claim both deductions for and deductions from AGI. True False
For each employee, first calculate gross pay. Then determine taxable income used to calculate federal income...
For each employee, first calculate gross pay. Then determine taxable income used to calculate federal income tax withholding, Social Security tax, and Medicare tax. NOTE: For simplicity, all calculations throughout this exercise, both intermediate and final, should be rounded to two decimal places at each calculation. 1. An employee works 37 regular hours during a workweek in August of 2018. He was hired four years ago, earns a salary of $135,100/year, and is exempt from the overtime provisions of the...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT