Calculate the corporations tax liability

Assignment Help Financial Management

Reference no: EM131821519

(Computing income taxes) The WIlliam B. Waugh Corporation is a regional Toyota dealer. The firm sells new and used trucks and is actively involved in the parts buiness. During the most recent year, the company generated sales of $3.05 million. The combined cost of goods sold and the operating expenses were $2.06 million. Also, $397,000 in interest expense was paid during the year. Calculate the corporations tax liability by using the corporation tax rate structure in the popup window.

Corporate Tax Rates

15% $0-$50,000

25% $ 50,001-$75,000

34% $ 75001-$10,000.00

35% over $10,000.00

. 5% on income between $100,000 and $335,000

. 3% on income between $15,000.00 and $18,333,333

Please show all work

Reference no: EM131821519

Questions Cloud

Decrease the sustainable growth rate : Which of the following would decrease the sustainable growth rate if all other variables are held constant?

Describes firm external funding requirement : Which of the following best describes a firm's external funding requirement?

The calculation of current assets : Which of the following is not included in the calculation of current assets?

What was your compound annual rate of return : Your friend borrowed $500 and repaid $700 six years later. What was your compound annual rate of return?

Calculate the corporations tax liability : Calculate the corporations tax liability by using the corporation tax rate structure in the popup window.

The tax treatment of capital gains is big political issue : The tax treatment of capital gains is a big political issue. Republicans generally favor lower rates on capital gains while Democrats do not.

What is the concept of integrated marketing communication : What is the concept of integrated marketing communication (IMC)? How is IMC distinct from advertising?

Access blank google spreadsheet : Access a blank Google Spreadsheet from the google website and then use Google finance function to study changes in a stock in this week.

Distribution to common shareholders is called free cash flow : Cash beyond the firm's typical needs that is available for distribution to common shareholders is called "free cash flow" and consists of the following:

User Account

All Pages