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What is the bonus on profit after bonus and income tax

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Reference no: EM132811322

Problem 1: What is the bonus on profit after bonus and income tax?

EF Enterprises realized a profit of 240,000 for the year. Fajardo, the managing partner, is allowed a bonus of 20% with an income tax rate of 35%.

a. 61,538

b. 48,000

c. 40,000

d. 129,230

Reference no: EM132811322

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