User Account

All Pages

Determine final tax liability to the nearest dollar

Assignment Help Accounting Basics
Reference no: EM131760170

Question: Machela, a single individual, owns all the stock in Gordon Corporation, which reports taxable income of $58,800. The corporation distributes the $58,800 in earnings as a dividend. Machela also receives a salary from the company of $68,300. She has itemized deductions for the year of $15,700.

Refer to 2016 Tax Rate Schedules to answer the following questions. Do not round intermediate computations. Round final tax liability to the nearest dollar.

Machela's tax liability for the year is $___ and Gordon Corporation's tax liability for the year is $___ .

Reference no: EM131760170

Questions Cloud

Determine whether to build in-house or acquire from outside : Establish the need for a system. Determine whether to build in-house or acquire from outside, and support your decision with reasoning.
Compute the equivalent units of production for materials : Compute the equivalent units of production for (a) materials and (b) conversion costs for the month of November
Habit of cornering you one-on-one and sharing latest joke : A coworker whose desk is next to yours makes a habit of cornering you one-on-one and sharing his latest joke.
How you determined each item that affected adjusted income : Carmin explaining how you determined each item that affected adjusted gross income and any items you excluded
Determine final tax liability to the nearest dollar : Machela, a single individual, owns all the stock in Gordon Corporation, which reports taxable income of $58,800. The corporation distributes the $58,800.
Explain why you selected that particular investment : Imagine that you are a potential investor researching a U.S. investment. Provide a brief explanation as to why you selected that particular investment.
Schedules for companies that pursue lowest-cost strategies : What arguments can be made in favor of using compressed work week schedules for companies that pursue lowest-cost strategies?
How would you go about the termination process : Discuss why documentation is so important to employee discipline. how would you go about the termination process?
Discus about the units-of-production depreciation : A machine that cost $196,000 has an estimated residual value of $14,000 and an estimated useful life of 14,000 machine hours.

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Theory of interest - term structure of interest rates

Term Structure of Interest Rates

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd