Computing income taxes

the william b. waugh corporation is a regional toyota dealer. the firm sells new and used trucks and is actively involved in the parts business. during the most recent year, the company generated sales of 3.13 million . the combined cost of goods sold and the operating expenses were $2.08 million . also, 377,000

in interest expense was paid during the year. calculate thecorporation's tax liability by using the corporate tax rate structure in the popup window,

corporate tax rates

15%

$0long dash—$50,000

25%

$50,001long dash—$75,000

34%

$75,001long dash—$10,000,000

35%

over $10,000,000

  additional surtax:

   5% on income between $100,000 and$335,000
3% on income between $15,000,000 and $18,333,333
.

the corporation's tax liability is

The corporation's tax liability is $ 228,820.

Explanation:

To calculate tax liability we first have to find net profit. Detail calculation is given below.

Net profit Calculation

Sales                                                                                 $ 3,130,000

cost of goods sold and the operating expenses          ($ 2,080,000)

Interest expense                                                              ( $ 377,000)

Net profit                                                                           $ 673,000

Tax liability Calculation

Income fall under Tax bracket of  34%  ($75,001 to $10,000,0000 for corporate tax. No additional surtax will be charged as income do not fall under its net.

Tax liabilty = 673,000 * 34% = $ 228,820

c

explanation:

answer: a. the kind of population living in your neighbourhood.

the census explorer data tool by the us census bureau allows the user to zoom in on any neighbourhood within the united states and find the kind of people residing in that by race and age.  

the tool needs to needs to be used twice – once in order to find what type of people reside in a neighbourhood, and then to see the age groups of the people in the same neighbourhood.