LaMarcus Photography, a sole proprietorship owes $190,874 in taxes on a taxable income of $608,606. The company has determined that it will owe $195,246 in tax if its taxable income rises to $620,424. What is the marginal tax rate at this level of income?
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- Pyri Flours, a sole proprietorship, owes $9, 741 in taxes on taxable income of $61,509. If the firm earns $100 more in income, it will owe an additional $22 in taxes. What is the average tax rate on income of $61,609?FGH Corporation had the following in 2021: Sales P 3.4M; Cost of sales P 1.2M; Admin expense P 0.3M; Selling expenses P .5M; other taxable income from operations P .1M. 1. What is deductible expense if the company uses OSD? 2. Using the problem above, what is the income tax payable?Pyri Flours, a sole proprietorship, owes $9,741 in taxes on taxable income of $61,509. If the firm earns $100 more in income, it will owe an additional $22 in taxes. What is the average tax rate on income of $61,609? Multiple Choice O O 33.33% 35.00% 15.85% 30.33% 15.00%
- Thornton, Inc., had taxable income of $129632 for the year. The company's marginal tax rate was 34 percent and its average tax rate was 24.7 percent. How much did the company have to pay in taxes for the year? a.30432 b.44075 c.30776 d.29074table is given below shows that marginal tax rates for Alejandro Corporation. Taxable income of the company is equal to $44.000. How much will the company pay tax totally?Average tax rate? note: Please show how you compute each of the items.Yebo Corporation reports pretax accounting income of $900,000, but due to a single temporary difference, taxable income is only $400,000. At the beginning of the year, no temporary difference existed. Required: Assuming a tax rate of 21%, what will be Yebo’s net income? What will Yebo report in the balance sheet pertaining to income taxes?
- Truson Company paid a 4% SUTA tax on the taxable wages of $108500. The taxable wages under FUTA were $89400. What was the net FUTA tax of Truson Company? Round to the nearest centFor the year ended December 31, 2021, Irene Company reported pretax accounting income of P6,000,000. The taxable income was P7,000,000. The difference is due to rental received in advance. Rental income is taxable when received. The income tax rate is 30% and the entity made no estimated tax payment in the current year. What amount should be reported as total income tax expense for the current year? O 2,100,000 O 1,800,000 O 1,000,000 O 1,100,000Alvis Corporation reports pretax accounting income of $320,000, but due to a single temporary difference, taxable income is only $190,000. At the beginning of the year, no temporary differences existed. 1. Assuming a tax rate of 25%, what will be Alvis’s net income?2. What will Alvis report in the balance sheet pertaining to income taxes?
- Harris has the following data (VAT exclusive): Taxable sales are P 1,200,000Exempted sales are P 400,000Zero-rated sales are P 200,000Input tax (cannot be directly determined / attributable to any of the above sales) is P80,000.What is the VAT payable if the company chooses to claim the input tax from zero-rated sales as taxrefund?Alvis Corporation reports pretax accounting income of $360,000, but due to a single temporary difference, taxable income is only $220,000. At the beginning of the year, no temporary differences existed.Required:1. Assuming a tax rate of 25%, what will be Alvis’s net income?2. What will Alvis report in the balance sheet pertaining to income taxes?1.Kumara Corporation reported pretax book income of $1,200,000. Kumara also reports an increase in the taxable temporary differences of $176,000, an increase in the deductible temporary differences of $171,000, and favorable permanent differences of $176,000. Assuming a tax rate of 21 percent, compute the company's deferred income tax expense or benefit. what is the deferred income expense
