Intermediate Accounting 1
csm25607
Incometaxtemplatev22.xlsxSheet1
| Pretax Income Yang, Ziyun: make sure to add back income tax paid through Nov. See account 999 Nov balance. |
||
| Subject to State Taxes | - 0 | |
| State Tax | - 0 | |
| Subject to Fed Taxes Yang, Ziyun: State Taxes can be deducted from Fed taxable income | - 0 | |
| Progressive rate | ||
| first 50,000 @15% | 7,500 | |
| next 25,000 @ 25% | 6,250 | |
| remainder @ 34% | (25,500) | |
| Fed Tax | (11,750) | |
| Federal Surtax Yang, Ziyun: 5% on income over $100,000, surtax not to exceed $11,750 | - 0 Yang, Ziyun: Updated in V2 |
|
| Total Fed Tax | (11,750) | |
| Total Income Tax | (11,750) | |
| Less: Income Taxes Paid Yang, Ziyun: Paid taxes through Nov. See account 999 Nov balance. | 72,000 | |
| Tax accrual Yang, Ziyun: debit exp, credit payable | (83,750) |
