In fiscal 2016, Snap-On Inc. reported a statutory tax rate of 35%, an effective tax rate...
In fiscal 2016, Snap-On Inc. reported a statutory tax rate of
35%, an effective tax rate of 30.5%. Income before income tax for
2016 was $801.4 million.
What did Snap-On report as tax expense (on its income statement) in
2016?
| A. |
$166.7 million |
|
| B. |
$170.0 million |
|
| C. |
$244.4 million |
|
| D. |
$184.7 million |
|
| E. |
None of the above |
Homework Answers
Answer:C. $244.4 million
What did Snap-On report as tax expense (on its income statement) in 2016?
Snap-On reported taxes on the income statement of $244.4 million. This is calculated as Income before tax × Effective tax rate = $801.4 million × 0.305 = $244.4 million.
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