We've found 6 Corporate Income Tax tests

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Which, if any, of the following taxes are proportional (rather than progressive)? a. State general sales tax b. Federal corporate income tax c. Federal estate tax d. Federal gift tax e. All of these
a. State general sales tax
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Which, if any, of the following taxes are proportional (rather than progressive)? a. Federal estate tax. b. All of these choices are correct. c. Federal gift tax. d. Federal corporate income tax. e. State general sales tax.
e. State general sales tax.
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The corporate income tax is paid by one or more of the following groups:
1. stockholders 2. consumers 3. employees
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Hopkins Corp.’s 2013 income statement showed pretax accounting income of $1,035,000. To compute the federal income tax liability, the following 2011 data are provided: Income from exempt municipal bonds $ 41,000 Depreciation deducted for tax purposes in excess of depreciation deducted for financial statement purposes 97,000 Estimated federal income tax payments made 159,500 Enacted corporate income tax rate 27.5% What amount of current federal income tax liability should be included in Hopkins’ December 31, 2013 balance sheet? $163,075 $132,578 $87,175 $109,275
($1,035,000 – $41,000 – $97,000) × 27.5% = $246,675; $246,675 – $159,500 = $87,175.
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Which of the following statements is CORRECT? a. One of the disadvantages of incorporating your business is that you could become subject to the firm’s liabilities in the event of bankruptcy. b. Proprietorships are subject to more regulations than corporations. c. In any partnership, every partner has the same rights, privileges, and liability exposure as every other partner. d. Corporations of all types are subject to the corporate income tax. e. Proprietorships and partnerships generally have a tax advantage over corporations.
e. Proprietorships and partnerships generally have a tax advantage over corporations.
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Which of the following statements is CORRECT? a. One of the advantages of the corporate form of organization is that it avoids double taxation. b. It is easier to transfer one’s ownership interest in a partnership than in a corporation. c. One of the disadvantages of a proprietorship is that the proprietor is exposed to unlimited liability. d. One of the advantages of a corporation from a social standpoint is that every stockholder has equal voting rights, i.e., “one person, one vote.” e. Corporations of all types are subject to the corporate income tax.
c. One of the disadvantages of a proprietorship is that the proprietor is exposed to unlimited liability.
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85. Which, if any, of the following taxes are proportional (rather than progressive)? a. State general sales tax b. Federal corporate income tax c. Federal estate tax d. Federal gift tax e. All of these
Corporate Income Tax “Death” Tax Income Tax Annual Property Tax
The corporate income tax in the United States
results in​ individuals’ being doubly taxed on corporate earnings. (Because individual stockholders must pay taxes on the dividends they​ receive, which are paid out of​ after-tax profits by the​ corporation, corporate profits are taxed twice.)
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10. Profits from a proprietorship are taxed at the corporate income tax rates.