(Corporate Income tax) Sales for J. P. Hulett inc. during the past year amounted to $3.7...

 

 

  

Transcribed Image Text:

(Corporate Income tax) Sales for J. P. Hulett inc. during the past year amounted to $3.7 milion. Gross profits totaled $1.02 million, and operating and depreciation expenses were S496,000 and $355,000, respectively. Dividend income for the year was $10,000, which was paid by a firm in which Hulett owns 85 percent of the ahares. Use the corporate tax rates shown in the popup window, . to Comcute the corporation's tax lablity What are the firm's average and marginal tax rates? The firm's tax liabity for the year is 5 (Round to the nearest dollar.) Data Table Taxable Income Marginal Tax Rate $0 - $50,000 15% $50,001-$75,000 25% $75,001-$100,000 34% $100,001- $335,000 39% $335,001 - $10,000,000 $10,000,001 - $15,000,000 35% $15,000,001 - $18,333,333 38% Over $18,333,333 34% 35% Print Done ter your anawer in the answer box and then click Che (Corporate Income tax) Sales for J. P. Hulett inc. during the past year amounted to $3.7 milion. Gross profits totaled $1.02 million, and operating and depreciation expenses were S496,000 and $355,000, respectively. Dividend income for the year was $10,000, which was paid by a firm in which Hulett owns 85 percent of the ahares. Use the corporate tax rates shown in the popup window, . to Comcute the corporation's tax lablity What are the firm's average and marginal tax rates? The firm's tax liabity for the year is 5 (Round to the nearest dollar.) Data Table Taxable Income Marginal Tax Rate $0 - $50,000 15% $50,001-$75,000 25% $75,001-$100,000 34% $100,001- $335,000 39% $335,001 - $10,000,000 $10,000,001 - $15,000,000 35% $15,000,001 - $18,333,333 38% Over $18,333,333 34% 35% Print Done ter your anawer in the answer box and then click Che