In its annual income statement, fox co. reported incomebefore income taxes of $300,000. foxestimated that, because of permanent differences, taxable income would be $280,000, and during the year fox made estimated tax payments of $50,000, which were debitedto income tax expense. fox is subject to a 30% tax rate. what amount should fox report as income tax expense?

a. $50,000
b. $84,000
c. $34,000
d. $90,000

B. $84,000

Explanation:

The computation of the income tax expense is shown below:

Income before income tax $300,000

Less: Permanent difference -$20,000

Taxable income $280,000

Tax rate is 30%

Income tax expense $84,000            ($280,000 × 30%)

The $50,000 do not impact the overall income tax expense but it decrease the amount of  income tax payable

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