A small company has an annual gross income of $2,750,000 with expenses for the year totaling...
A small company has an annual gross income of $2,750,000 with expenses for the year totaling $1,700,000 and depreciation allowances for the year totaling $250,000. Determine total taxes owed for the year if the firm’s effective tax rate (combined state and federal) is 39.28%
Homework Answers
Net Taxable Income = (Revenue - Expenditure - Depreciation Allowance)
= ($2,750,000-$1,7000,000-$250,000)
= $800,000
Total Taxes Owed = Taxable Income * Tax Rate
= $800,000*0.3928
= $314,240 is the answer to this question on the whole
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