Calculate your income tax liability

Assignment Help Finance Basics
Reference no: EM131122953

Assume your new venture, organized as a proprietorship, is in its first year of operation. You expect to have taxable income of $50,000. Use the income tax rate information contained in Figure 3.6 to estimate the amount of income taxes you would have to pay.

A. Calculate the amount of your income taxes if you were filing as a single individual.

B. Calculate the amount of your income taxes if you were married and filing jointly.

C. If your venture had been organized as a standard corporation instead of a proprietorship; calculate your income tax liability.

Reference no: EM131122953

Questions Cloud

Calworks company for april using the periodic inventory : Journalize the entries to record the transactions of Calworks Company for April using the periodic inventory system.
How might you try to protect your venture intellectual : Rework Problem 2 under the assumption that, in addition to your venture’s taxable income of $50,000, you expect to personally earn another $10,000 from a second job.
Selected transactions for silvertree company during january : Journalize the entries to record the transactions of Silvertree Company for January using the periodic inventory system.
Salem company sold merchandise on account : Boulder Co. returned $1,600 of merchandise purchased on account on August 1 from Salem Company. The cost of the merchandise returned was $960.
Calculate your income tax liability : Calculate the amount of your income taxes if you were filing as a single individual. Calculate the amount of your income taxes if you were married and filing jointly. If your venture had been organized as a standard corporation instead of a proprieto..
The following were selected from among the transactions : The following were selected from among the transactions completed by Calworks Company during April of the current year:
How should phil organize his new venture : How should Phil organize his new venture? In developing your answer, consider such factors as amount of equity capital needed, business liability, and taxation of the venture.
Journalize the entries to record the transactions : The following selected transactions were completed by Yukon Supply Co., which sells office supplies primarily to wholesalers and occasionally to retail customers:
Describe the fundraising tactic for the producers : Describe the fundraising tactic for the producers of The Fantasticks. What were the driving motivations for the angel investors?

Reviews

Write a Review

Finance Basics Questions & Answers

  Mcenro wishes to decide between two projects x and y by

mcenro wishes to decide between two projects x and y. by using probability estimates he has determined the following

  Importance of financial statement footnotes

Would investors say that footnotes are important to the financial statements?  Explain.

  How much will you pay for the policy

The Maybe Pay Life Insurance Co. is trying to sell you an investment policy that will pay you and your heirs $28,000 per year forever. If the required return on this investment is 5.80 percent, how much will you pay for the policy?

  Constant growth model

Here are information on two stocks, both of which have discount rates of 15%. Determine the dividend payout ratios for each firm.

  Publishing company expects the sales to grow

Your finance text book sold 56,000 copies in its first year. The publishing company expects the sales to grow at a rate of 17.0 percent for the next three years, and by 8.0 percent in the fourth year.

  What is its total assets turnover

What is its total assets turnover? Round your answer to two decimal places What is its equity multiplier? Round your answer to two decimal places. What is its equity multiplier? Round your answer to two decimal places.

  What coupon rate should the griswold co. set on their bonds

24. The Griswold Co. wants to raise $8 million by selling some coupon bonds at par. Comparable bonds in the market have a 6 percent semi-annual coupon, 8 years to maturity, and are selling at 96.9 percent of par. What coupon rate should the Gr..

  Which fits into proposed project classifications

Which fits into proposed project classifications? A) expansion B) replacement C) Botha A and B d) Neither A and B

  High risk for identity theft

The close quarters of most college dormitories means college students are at a high risk for identity theft.

  How would these diagrams look some time before expiration

Plot the expiration payoff diagrams in each case.How would these diagrams look some time before expiration?

  What benefit is available to participants

What benefit is available to participants in a dividend reinvestment plan? How might the firm benefit?

  Financial ratios to assess organizational performance

Using the financial statements from your selected health care organization, develop a financial plan for the next three (3) years.

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd