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Calculate the total income tax expense

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Reference no: EM133075702

Question - AXIE INFINITY Company provided the following information for its first year of operations ended December 31, 2021:

Accounting income per book 8,000,000

Nondeductible expense 500,000

Nontaxable revenue 200,000

Net income (after income tax expense) 5,395,000

Income tax benefit 245,000

Required -

1. Calculate the current tax expense.

2. Calculate the taxable Income.

3. Calculate the total income tax expense.

4. Calculate the tax rate.

Reference no: EM133075702

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