Question
(Computing income taxes) The William B. Waugh Corporation is a regional Toyota dealer. The firm sells...
(Computing income taxes) The William B. Waugh Corporation is a regional Toyota dealer. The firm sells new and used trucks and is actively involved in the parts business. During the most recent year, the company generated sales of $3.19 million. The combined cost of goods sold and the operating expenses were $2.03 million. Also, $425,000 in interest expense was paid during the year. Calculate the corporation's tax liability by using the corporate tax rate structure in the popup window, E: The corporation's tax liability is $ . (Round to the nearest dollar.) i Data Table Corporate Tax Rates 15% $0-$50,000 25% $50,001—$75,000 34% $75,001—$10,000,000 35% over $10,000,000 Additional surtax: • 5% on income between $100,000 and $335,000 • 3% on income between $15,000,000 and $18,333,333 (Click on the icon located on the top-right corner of the data table above in order to copy its contents into a spreadsheet.)
Answers
Taxable Income
Sales Revenue A 3,190,000 Cost of Goods Sold B 2,030,000 Interest Expense C 425,000 Taxable Income A - B - C 735,000 Tax Computation
Bracket Rate Additional Rate Taxable (Y / N) Taxable Income Split Tax (i) (ii) (iii) (iv) (v) Formula (vi) = (v) x [ (ii) + (iii) ] $0 - $50,000 15% 0% Y 50,000 Up to $50,000 7,500 $50,001 - $75,000 25% 0% Y 25,000 $75,000 - $50,000 6,250 $75,001 - $100,000 34% 0% Y 25,000 $100,000 - $75000 8,500 $100,001 - $335,000 34% 5% Y 2,5,000 $335,000 - $100,000 91,650 $335,001 - $10,000,000 34% 0% Y 400,000 $735,000 - $100,000 136,000 $10,000,001 - $15,000,000 35% 0% N - N/A - $15,000,001 - $18,333,333 35% 3% N - N/A - over $18,333,334 35% 0% N - N/A - 735,000 249,900
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