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The Net Income Of A Company Assignment Paper Question In tax year 1, an electronics-packaging firm had a gross income of $32,000,000,$8,000,000 in salaries, $7,000,000 in wages, $1,100,000 in depreciation expenses, a loan principal payment of $150,000, and a loan interest payment of $100,000. Detormine the net income of the compary in tax year 1 . Click the icon to view the corporate tax schodule for 2015 . The not income of the company in tax year 1 is } More Info The Net Income Of A Company Assignment Paper ORDER YOUR PAPER NOW Step-by-step Step 1/1 Given, Gross income = $32,000,000 Salaries = $8,000,000 Wage = $7,000,000 Depreciation = $1,100,000 Loan Interest payment = $100,000 Net income before tax =Gross income - Salaries - Wage - Depreciation - Loan Interest =$32,000,000−$8,000,000−$7,000,000−$1,100,000−$100,000 =$15,800,000 As a net income in between $15,000,001 to $18,333,333. It will place under the slab and the tax rate is 35% + 3% Tax to be paid =$5,150,000+38%(X−$15,000,000) =$5,150,000+38%($15,800,000−$15,000,000) =$5,150,000+38%($800,000) =$5,150,000+$304,000 =$5,454,000 Net income after tax =Net income before tax - Tax paid =$15,800,000−$5,454,000 =$10,346,000 Hence, the net income of a company in tax year 1 is $10,346,000 Explanation for step 1 Please refer above step. Final answer The net income of a company in tax year 1 is $10,346,000 The Net Income Of A Company Assignment Paper
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Expert Answer

The Net Income Of A Company Assignment Paper

Question

In tax year 1, an electronics-packaging firm had a gross income of  in salaries,  in wages,  in depreciation expenses, a loan principal payment of , and a loan interest payment of . Detormine the net income of the compary in tax year 1 . Click the icon to view the corporate tax schodule for 2015 . The not income of the company in tax year 1 is  More Info The Net Income Of A Company Assignment Paper

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Step-by-step

Step 1/1
Given,
Gross income = $32,000,000
Salaries = $8,000,000
Wage = $7,000,000
Depreciation = $1,100,000
Loan Interest payment = $100,000
Net income before tax =Gross income - Salaries - Wage - Depreciation - Loan Interest
=$32,000,000−$8,000,000−$7,000,000−$1,100,000−$100,000
=$15,800,000
As a net income in between $15,000,001 to $18,333,333. It will place under the slab and the tax rate is 35% + 3%
Tax to be paid =$5,150,000+38%(X−$15,000,000)
=$5,150,000+38%($15,800,000−$15,000,000)
=$5,150,000+38%($800,000)
=$5,150,000+$304,000
=$5,454,000
Net income after tax =Net income before tax - Tax paid
=$15,800,000−$5,454,000
=$10,346,000
Hence, the net income of a company in tax year 1 is $10,346,000
  • Explanation for step 1
Please refer above step.
Final answer
The net income of a company in tax year 1 is $10,346,000
The Net Income Of A Company Assignment Paper

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