Suppose that in addition to $5.55 million of taxable income, Texas Taco Inc., received $600,000 of...
Suppose that in addition to $5.55 million of taxable income, Texas Taco Inc., received $600,000 of interest on state-issued bonds and 260,000 of dividends of common stock it owns in Arizona Taco, Inc., (Use corporate tax rate of 21 percent for your calculations.)
1. What is Texas Taco's income tax liability? (Answers should be in dollars not millions)
2. What are Texas Taco's average and marginal tax rates on taxable income? (Round answers 2 decimal places)
Homework Answers
| 1] | Taxable income | $ 55,50,000 |
| Add: Taxable dividends = 260000*30% = | $ 78,000 | |
| Net taxable income | $ 56,28,000 | |
| Income tax liability = 5628000*21% =- | $ 11,81,880 | |
| 2] | Average rate of tax | 21.00% |
| Marginal rate of tax | 21.00% |
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Hunt Taxidermy, Inc. is
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interest on state-issued bonds and $340,000 of dividends on common
stock it owns in Oakdale Fashions, Inc. (Use Table 2.3.)
Calculate Tax Liability:
Calculate the Average Tax Rate:
Calculate Marginal Tax Rate:
Plus this Percentage on Anything Over the Base table 2.3 Corporate Tax Rates as of 2015 Pay this Amount Taxable income...
Just need to know the average tax rate
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