Hi

l need help to fix part b of this homework.

03-38 Taxable income Computation. Omega Corporation reports the following results for the current year: Gross profits on sales $120,000 Dividends from less-than-20%-owned domestic corporations 40,000 Operating expenses 100,000 Charitable contributions (cash) 11,000 a. What is Omega's charitable contributions deduction for the current year and its chari- table contributions carryover to next year, if any? b. What is Omega's taxable income for the current year? %x PC:3-38 (book/static) Omega Corporation reports the following results for the current year: Click the icon to view the results for the current year.) Read the requirements. Requirement a. What is Omega's charitable contributions deduction for the current year and its charitable contributions carryover to next ye Begin by computing Omega's adjusted taxable income. Gross profit on sales $ 120,000 Dividends received 40,000 Gross income 160,000 Operating expenses (100,000) Adjusted taxable income $ 60,000 Omega's charitable contributions deduction for the current year is $ 6,000 (Complete all answer input fields. If there is no charitable contributions carryover, enter "0".) Omega's charitable contributions carryover to next year is $ 5,000 Requirement b. What is Omega's taxable income for the current year? (Enter the deductions in the specific sequence dictated by the taxi used, leave the input field empty. Do not select a label or enter a zero.) Adjusted taxable income $ 60,000 Minus: Charitable contribution deduction (6,000) Dividends-received deduction (20,000) Taxable income $ 34,000