I am an Accounting Student.

Using this report could you give an example of how the Federal Income Tax Expense is calculated ?

Page: User ID: 1 ws52.061 TRIAL BALANCE SUMMARY FOR 2017 Waren A main General Ledger To: 12/31/2017 Sorted By: Segment1 Include: Posting, Zero Balance/No Trx Print Currency In: Functional (Z-US$) Description Cash Accounts Receivable Accounts Receivable from Employees Allowance for Doubtful Accounts Inventory Prepaid Expenses Marketable Securities Interest Receivable Fixed Assets Fixed Assets Clearing Account Accumulated Depreciation Notes Receivable Accounts Payable Wages and Salaries Payable Federal Income Taxes Withheld State Unemployment Taxes Payable Federal Unemployment Taxes Payable F.I.C.A. Taxes Payable Federal Income Taxes Payable Dividends Payable Interest Payable Notes Payable Unearned revenue Common Stock Paid-in Capital in Excess of Par Retained Earnings Dividends Declared Sales Sales Returns and Allowances Sales Discounts Taken Cost of Goods Sold Purchases Discounts Taken Freight-in Gain/Loss on Sale of Fixed Assets Gain/Loss on Sale of Marketable Securities Interest/Dividend Income Miscellaneous Revenue Rent Expense Advertising Expense Office Supplies Expense Depreciation Expense Wages and Salaries Expense Payroll Tax Expense Federal Income Tax Expense Interest Expense Bad Debt Expense Other Operating Expense Beginning Balance $11,025.19 $11,065.00 $0.00 $3,250.81 $101,681.00 $0.00 $0.00 $0.00 $320,665.00 $0.00 $81.559.50 $0.00 $11,279.35 $0.00 -$1,326.76 -$281.17 -$83.31 $1,593.30 -$29,797.00 $0.00 $0.00 $0.00 $0.00 -$225,000.00 $0.00 -$90,264.99 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $ $0.00 Debit $1,533,773.43 $1,235,305.62 $0.00 $4,400.00 $1,239.231.00 $0.00 $24,000.00 $0.00 $22,132.80 $0.00 $0.00 $0.00 $1,157,002.95 $0.00 $23,719.49 $898.27 $210.35 $25,898.74 $29,797.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $76.885.00 $61,106.00 $17.272.44 $1,137,451.96 $16,554.48 $24,506.44 $0.00 $0.00 $0.00 $0.00 $57,600.00 $22,275.00 $5,664.91 $35,023.64 $140,663.35 $11,633.93 $54,837.14 $106.85 $3,028.74 $34,410.76 Credit $1,451,504.34 $1,198,221.62 $0.00 $3.028.74 $1,148.945.00 $0.00 $0.00 $0.00 $0.00 $11,066.40 $35,023.64 $0.00 $1,153,675.61 $0.00 $23,832.78 $727.54 $145.71 $26,534.64 $54,837.14 $0.00 $106.85 $60,000.00 $0.00 $0.00 $0.00 $0.00 $0.00 $1,667.768.00 $0.00 $1,866.62 $111.072.00 $16,554.48 $24,506.44 $0.00 $0.00 $0.00 $825.00 $0.00 $0.00 $0.00 $0.00 $0.00 $22.74 $0.00 $0.00 $0.00 $5,125.00 Net Change $82,269.09 $37,084.00 $0.00 $1,371.26 $90,286.00 $0.00 $24,000.00 $0.00 $22,132.80 -$11,066.40 -$35,023.64 $0.00 $3,327.34 $0.00 -$113.29 $170.73 $64.64 -$635.90 -$25,040.14 $0.00 -$106.85 $60,000.00 $0.00 $0.00 $0.00 $0.00 $0.00 $1,590,883.00 $61,106.00 $15,405.82 $1,026,379.96 $0.00 $0.00 $0.00 $0.00 $0.00 -$825.00 $57,600.00 $22,275.00 $5,664.91 $35,023.64 $140,663.35 $11,611.19 $54,837.14 $106.85 $3,028.74 $29,285.76 Ending Balance $93,294.28 $48,149.00 $0.00 $1,879.55 $191,967.00 $0.00 $24,000.00 $0.00 $342,797.80 $11,066.40 $116,583.14 $0.00 -$7.952.01 $0.00 -$1,440.05 -$110.44 -$18.67 $2,229.20 $54,837.14 $0.00 -$106.85 -$60,000.00 $0.00 -$225,000.00 $0.00 -$90,264.99 $0.00 -$1,590,883.00 $61,106.00 $15,405.82 $1,026,379.96 $0.00 $0.00 $0.00 $0.00 $0.00 -$825.00 $57,600.00 $22,275.00 $5,664.91 $35,023.64 $140,663.35 $11,611.19 $54,837.14 $106.85 $3,028.74 $29,285.76 Accounts Credit Beginning Balance $0.00 $ Debit $6,995,390.29 Net Change $0.00 Ending Balance $0.00 Grand Totals: 47 $6,995,390.29