Seminole Lighting, a specialty lamps and specialty light sources manufacturer, had the following information on its annual tax returns. Calculate Seminole’s taxable income and determine the federal income tax for the year. Sales$ 680,000 Interest Revenues$ 10,000 Operating Expenses$ 52,000 Depreciation$ 10,000 The federal income tax for the year is:

Seminole’s taxable income is $628,000

Seminole’s federal income tax for the year is $213,520

Explanation:

In order to calculate Seminole’s taxable income we would have to calculate the following formula:

Seminole’s taxable income=Sales+Interest Revenues-Operating Expenses-Depreciation

According to the given data we have the following:

Sales $ 680,000

Interest Revenues $ 10,000

Operating Expenses $ 52,000

Depreciation $ 10,000

Therefore, Seminole’s taxable income=$ 680,000 +$ 10,000 -$ 52,000 - $ 10,000

Seminole’s taxable income=$628,000

To calculate Seminole’s federal income tax for the year we would have to make the following calculation:

Seminole’s federal income tax for the year=Seminole’s taxable income*tax rate

Seminole’s federal income tax for the year=$628,000*34%

Seminole’s federal income tax for the year=$213,520

i would go with get a bachelor’s degree

hope i

-lavira : )

employers prefer to hire ingenious, resourceful people because ingenious people may be more liable to engage in unethical deportment as they can cerebrate outside of the box