Corporate taxes Tantor Supply, Inc., is a small corporation acting as the exclusive distributor of a...
Corporate taxes Tantor Supply, Inc., is a small corporation acting as the exclusive distributor of a major line of sporting goods. During 2018 the firm earned $ 93 300 before taxes. a. Calculate the firm's tax liability using a flat tax rate of 28 %. b. How much are Tantor Supply's 2018 after-tax earnings?
Homework Answers
Before-tax earnings = $93,300
a. The firm's tax liability = Before-tax earnings * tax rate
The firm's tax liability = 93,300 * 28%
The firm's tax liability = $26,124
b. After-tax earings = Before-tax earnings - tax liability
After-tax earnings = 93,300 - 26,124
After-tax earnings = $67,176
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Tantor Supply, Inc., is a small corporation acting as the exclusive distributor of a major line of sporting goods. During 2018 the firm earned $94,900 before taxes. a. Calculate the firm's tax liability using a flat tax rate of 27%. b. How much are Tantor Supply's 2018 after-tax earnings? a. The firm's tax liability is $ ? (Round to the nearest dollar.)
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