Question
Please also include how to configure tax payments along with taxable income based on this income corporate tax rate $0 - 50,000 15% 50,001-75,000 25%
Please also include how to configure tax payments along with taxable income |
based on this
income corporate tax rate
$0 - 50,000 15%
50,001-75,000 25%
75,001-10,000,000 34%
over $10,000,000 35%
additional surtax
:from $100,000 - $335,000 5%
from $15,000,000 - 18,333,333 3% surtax
Last year, California Sushi and Such (CSS) had sales of $65 million. The firm's operating expenses amounted to $20 million and costs of goods sold totaled $15 million. In addition, CSS received $80,000 in dividend income, and paid $300,000 in dividends to its stockholders. CSS has $25 million in bonds outstanding with an annual interest payment of 9%. The firm also had $4 million in depreciation expense, and sold land for $3.5 million that had been purchased for $2.5 million several years earlier. What is the firm's tax liability?
$8,670,900 |
$7,270,900 |
$8,320,900 |
$6,570,900 |
$7,970,900 |
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