Calculate the amount of tax expense, Taxation

Given the below information, calculate the amount of tax expense. Assume taxes are paid immediately (with cash).

Note: the statutory rate is assumed to be 35%. You will have to decide whether there is any deferred tax position, given these facts.

	Income Statement	Tax Return	Difference: Temporary
Revenues	500	500
Expenses	- 100	- 100
Depreciation Expense	- 40	- 100	60
Pre-tax Income	360
Taxable Income		300
Statutory Tax Rate		35%	35%
Tax Expense	?
Taxes Paid (Cash)		?
Deferred Tax			?

Related Discussions:- Calculate the amount of tax expense

Taxation implications, 1. Shortly after he retired in November 2009, Paul M...

1. Shortly after he retired in November 2009, Paul Martyn decided to set up a coffee retail shop in leased premises close to the Camberwell where he lived. The main products sold

Acc565 discussion, acc565 discussion for week 8

acc565 discussion for week 8

Corporation Income Tax Return Project, The following fictitious information...

The following fictitious information is provided for the ACCY 171 Spring 2013 Corporation Income Tax Return Project. Pharq Weston and Jeremy LeClair formed Modern Concepts, Inc., a

What method of tax accounting used, Jenny is 35 years of age, single and is...

Jenny is 35 years of age, single and is a professional hairdresser. She was born in Australia, however she often travels overseas for extended periods for work purposes. Jenny r

1040 problem, Amy R. and David T. Smith are married and live at 123 Main St...

Amy R. and David T. Smith are married and live at 123 Main Street, Stafford, VA 22554. Dave is self-employed as a web developer and Amy is a commercial refrigeration sales represen

Case analysis, case analysis on The Myth of Public Goods by Mark Davis (201...

case analysis on The Myth of Public Goods by Mark Davis (2010); the Journal of Libert

Uganada revenue authority, write a program on Uganda revenue authority tax...

write a program on Uganda revenue authority taxation based on import and export cargo.

Capital gains tax, Joe Smyth further advises you on the following transacti...

Joe Smyth further advises you on the following transaction - work out the resultant capital gains tax consequences. Then calculate Joe's net capital gain for the 2010/11 income

Tax questions, 1. Don and Harvey began operations as a partnership on Oct...

1. Don and Harvey began operations as a partnership on October 3, 2010. The company spent $60,500 on organization costs that year. How much can the company deduct in 2010 relatin

Calculate indicators of tax burden and financial services , Questions 1...

Questions 1. Knowledge a common feature of the enterprise: the legal form of activity, history of creation, especially business, prospects, familiarization with the documents g

Write Your Message!

Name

Email id

Message

Verfication Code

User Account

All Pages