Ashton Corporation is headquartered in Pennsylvania and has a state income tax base there of $500,000. Of

Question:

Ashton is headquartered in Pennsylvania and has a state income tax base there of $500,000. Of this amount, $50,000 was non-business income. Ashton's Pennsylvania apportionment factor is 42.35 percent. The nonbusiness income allocated to Pennsylvania was $32,000. Assuming a Pennsylvania corporate tax rate of 8.25 percent, what is Ashton's Pennsylvania state tax liability?
Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...