Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The Talley Corporation had a taxable income of $250,000 from operations after all operating costs but before (1) interest charges of $10,000, (2) dividends received

The Talley Corporation had a taxable income of $250,000 from operations after all operating costs but before (1) interest charges of $10,000, (2) dividends received of $10,000, (3) dividends paid of $25,000, and (4) income taxes. If a corporations taxable income is between $100,000 and $335,000, it pays $22,250 on the base of the bracket plus 39% on the excess over the base. Which of the following is not correct? Group of answer choices The companys taxable income is 243,000. The companys average tax rate is 32.10%. The companys net income is 164,980. Total taxes paid by the company is $78,020. The companys marginal tax rate is 39%.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Managing Finance

Authors: CMI Books

1st Edition

1781252181, 978-1781252185

More Books

Students also viewed these Finance questions

Question

Know the three main dimensions of the service environment.

Answered: 1 week ago