Exercise 19-4 l income. 1. Depreciation on the tax return is greater than depreciation on the income statement by $17,410 2. Rent collected on the tax return is greater than rent earned on the income statement by $23,050 3. Fines for pollution appear as an expense of $12,870 on the income statement. Zurich's tax rate is 40% for all years, and the company expects to report taxable income in all future years. There are no deferred taxes at the beginning of 2014 Compute taxable income and income taxes payable for 2014 Taxable income Income taxes payable