Question

In 2018, R. Johnson Inc.’s federal taxable income was $272,000. Compute the required installment payments of...

In 2018, R. Johnson Inc.’s federal taxable income was $272,000. Compute the required installment payments of 2019 tax in each of the following cases: (Round your intermediate calculations and final answers to the nearest whole dollar amount.)

a. R. Johnson’s 2019 taxable income is $404,000.

b. R. Johnson’s 2019 taxable income is $979,000.

c. R. Johnson’s 2019 taxable income is $1,195,000.

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Homework Answers

Answer #1

For the Taxable Income(TI) of $335,000 - $10m Then the Federal Tax rate is 34% and the tax is ==>113,900 + (34%)(Taxable Income - 335,000)

Question-A

Given That

R.Johnson’s 2019 TI is $404,000.

Tax ==> $113,900 + (34%)($404,000 - $335,000)

==> $137360

Question-B

R.Johnson’s 2019 TI is $979,000.

Tax ==> $113,900 + (34%)($979,000 - $335,000)

==> $332860

Question-C

R.Johnson’s 2019 TI is $1,195,000.

Tax ==> $113,900 + (34%)($1,195,000 - $335,000)

==> $406300

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