Solution-Compute the Income Tax Due at the end of the First

Compute the Income Tax Due at the end of the First Quarter

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Reference no: EM132742289

Question - In the year 2018, the following cumulative data appear in the records of Vongola Company, a domestic corporation. It is its 2 nd year of operations.

	1st qtr	2nd qtr	3rd qtr	Year
Sales	180,000	405,000	675,000	1,080,000
Dividends from a Resident Corp	1,800	3,600	5,400	7,200
Rent Income	7,200	14,400	21,600	28,800
Cost of Sales	45,000	108,000	166,500	270,000
Municipal Taxes	4,500	9,000	13,500	18,000
Business Expenses	108,000	234,000	369,000	657,000

Required -

1. Compute the Income Tax Due at the end of the First Quarter.

2. Compute the Normal Income Tax for the Second Quarter.

3. Compute the Normal tax taxable income for the third quarter.

4. Compute the Income Tax Due at the end of the year.

Reference no: EM132742289

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Compute the Income Tax Due at the end of the First Quarter

Reference no: EM132742289

Reference no: EM132742289

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