Calculate tax paid on gain on disposal

Assignment Help Financial Management

Reference no: EM131855927

Genetic Insights Co. purchases an asset for $16,531. This asset qualifies as a seven-year recovery asset under MACRS. The seven-year fixed depreciation percentages for years 1, 2, 3, 4, 5, and 6 are 14.29%, 24.49%, 17.49%, 12.49%, 8.93%, and 8.93%, respectively. Genetic Insights has a tax rate of 30%. The asset is sold at the end of six years for $3,260. Calculate tax paid on gain on disposal. Round the answer to two decimals.

Reference no: EM131855927

Questions Cloud

What recommendation would make in regards to properly credit : What recommendations would you make in regards to properly managing credit card usage and repayment? Your response should be at least 100 words.

Discuss about the essential components of given : The five essential components established by the Committee of Sponsoring Organizations of the Treadway Commission (COSO) are control environment.

Design a table that identifies the security mechanisms : Design a table that identifies the security mechanisms for your wireless network and how the wireless network will be managed.

Demands of cross-cultural helping in healthcare : How do the concepts of "experiential, freewheeling, and bilateral" apply to the unique demands of cross-cultural helping in healthcare?

Calculate tax paid on gain on disposal : The asset is sold at the end of six years for $3,260. Calculate tax paid on gain on disposal.

Demands of cross-cultural helping in healthcare : How do the concepts of "experiential, freewheeling, and bilateral" apply to the unique demands of cross-cultural helping in healthcare?

Calculate oscars total income : Calculate Oscars total income, total tax payable and average tax rate.

Analyze the history of changes in gdp : Analyze the history of changes in GDP, savings, investment, real interest rates, and unemployment and compare to forecast for the next five years.

Illustrate the use case using visio or a similar product : As an intern software developer for a retail bank, you have been tasked with developing use cases to support the ATM service.

User Account

All Pages