- Problem 2 5 Calculating Taxes Lo3 Timmy Tappan Is Single And Had 205 000 In Taxable Income Using The Rates From Tabl 1 (32.65 KiB) Viewed 43 times
- Problem 2 5 Calculating Taxes Lo3 Timmy Tappan Is Single And Had 205 000 In Taxable Income Using The Rates From Tabl 2 (31.96 KiB) Viewed 43 times
Problem 2-5 Calculating Taxes [LO3] Timmy Tappan is single and had $205,000 in taxable income. Using the rates from Table 2.3 in the chapter, calculate his income taxes. a. What is the average tax rate? (Do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.) b. What is the marginal tax rate? (Do not round intermediate calculations and enter your answer as a percent rounded to the nearest whole number, e.g., 32.) a. Average tax rate b. Marginal tax rate %
During 2021, Raines Umbrella Corporation had sales of $740,000. Cost of goods sold, administrative and selling expenses, and depreciation expenses were $540,000, $85,000, and $100,000, respectively. In addition, the company had an interest expense of $54,000 and a tax rate of 21 percent. (Ignore any tax loss carryforward provisions and assume interest expense is fully deductible.) Suppose the company paid out $66,000 in cash dividends. If net capital spending and net working capital were both zero, and if no new stock was issued during the year, what is the net new long-term debt? (Do not round intermediate calculations.) Net new long-term debt