6 Chrome File Edit View History Bookmarks Profiles Tab Window Help . . SD Canvas Learning Managemen X ACCT6325:Intermediate Man x M Question 22 Module 8 HW , x Q Oldham, Incorporated condur X 0' ti ezto.mheducation.com't: ' ' '7 ,; ' 'lFLi'iCi'i'l , iv ;: Module 8 HW 0 Saved Help Save& Exit Submit m 22 Oldham, Incorporated conducts business in State M and State N, which both use the UDITPA three-factor formula to apportion income. State M's corporate tax rate is 4.5 percent, and State N's corporate tax rate is 7 percent. This year, Oldham had the following sales, payroll, and property (in thousands of dollars) in each state: 055 points State M State IV Total Gross receipts from sales $ 3,620 S 8,300 $ 11,920 Payroll expense 970 1,690 2,660 Property costs 1,680 1,690 3,370 eBook Pm Required: Oldham's beforetax income was $380 million. Compute Oldham's State M and State N tax if State N uses an apportionment formula References in which the sales factor is double-weighted Note: Round all apportionment factors to 4 decimal places. e.g., 47.15% would be 0.4715. Enter "Apportionment percentage" and "Tax rate" in decimals and not in percentage. Do not round any intermediate values. Enter your answers in dollars and not in millions or thousands of dollars. Total taxable income subject to apportionment $ 3,620,000 $ 3,620,000 State taxable income Tax rate State tax % M Question 21 - Module 8 HW - C X GOldham, Incorporated conduct x + C ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252FIms.mheducation.com%252Fmghmiddleware%2... Module 8 HW i Saved Help Save & Exit Submit Check my work 21 Oldham, Incorporated conducts business in State M and State N, which both use the UDITPA three-factor formula to apportion income. State M's corporate tax rate is 4.50 percent, and State N's corporate tax rate is 7.00 percent. This year, Oldham had the following sales, payroll, and property (in thousands of dollars) in each state: 0.45 points State M State N Total Gross receipts from sales $ 4, 800 $ 9,300 $ 14 , 100 Skipped Payroll expense 2, 600 3, 000 5, 600 Property costs 2 , 700 2 , 800 5 , 500 Required: eBook If Oldham's before-tax income was $4.8 million, compute its State M and State N tax. Print Note: Round all apportionment factors to 4 decimal places, e.g., 47.15% would be 0.4715. Enter "Apportionment percentage" and "Tax rate" in decimals and not in percentage. Do not round any intermediate values. Enter your answers in dollars and not in References millions or thousands of dollars. State M State N Total taxable income subject to apportionment Apportionment percentage State taxable income Tax rate State tax Mc Graw Hill MAY 10Chrome File Edit View History Bookmarks Profiles Tab Window Help O Q 8 Wed May 10 5:50 PM SD Canvas Learning Management X ACCTG325:Intermediate Manac > M Question 19 - Module 8 HW - C X GOldham, Incorporated conduct x + C ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252FIms.mheducation.com%252Fmghmiddleware%2... Module 8 HW i Saved Help Save & Exit Submit Check my work 19 Mr. Lion, who is in the 37 percent tax bracket, is the sole shareholder of Toto Incorporated, which manufactures greeting cards. Toto's average annual net profit (before deduction of Mr. Lion's salary) is $240,000. For each of the following cases, compute the income tax burden on this profit. (Ignore any payroll tax consequences.) 0.45 points Required: a. Mr. Lion's salary is $100,000, and Toto pays no dividends. Skipped b. Mr. Lion's salary is $100,000, and Toto distributes its after-tax income as a dividend. c. Toto is an S corporation. Mr. Lion's salary is $100,000, and Toto makes no cash distributions. Assume Toto's ordinary income qualifies for the 20 percent QBI deduction. eBook d. Toto is an S corporation. Mr. Lion draws no salary, and Toto makes no cash distributions. Assume Toto's ordinary income qualifies for the 20 percent QBI deduction. Print e. Toto is an S corporation. Mr. Lion draws no salary, and Toto makes cash distributions of all its income to Mr. Lion. Assume Toto's References ordinary income qualifies for the 20 percent QBI deduction. Amount a. Income tax burden on this profit b. Income tax burden on this profit c. Income tax burden on this profit d. Income tax burden on this profit e. Income tax burden on this profit Mc Graw MAY 10Chrome File Edit View History Bookmarks Profiles Tab Window Help O Q 8 Wed May 10 5:50 PM SD Canvas Learning Management X ACCTG325:Intermediate Manac > M Question 18 - Module 8 HW - C X GOldham, Incorporated conduct: x + C ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252FIms.mheducation.com%252Fmghmiddleware%2... Module 8 HW i Saved Help Save & Exit Submit Check my work 18 WRT, a calendar year S corporation, has 100 shares of outstanding stock. At the beginning of the year, Mr. Wallace owned all 100 shares. On September 30, he gave 30 shares to his brother and 45 shares to his daughter. WRT's ordinary income for the year was $222,000. 0.45 points Required: What portion of this income must each shareholder include in income? Skipped Note: Assume 365 days in a year. Round income per day of ownership to 4 decimal places. Round other intermediate calculations and final answers to the nearest whole dollar amount. eBook Amount Print Brother's income References Daughter's income Mr. Wallace's income 19 Mc Graw 18 of 22 Hill MAY 10