How is income tax for a corporation calculated?
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is it: beginning retained earnings + net income - dividends - requisition of shares = ending retained earnings ending retained earnings x percentage of income tax = Income Tax Is this right? thanks
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Answer:
The beginning retained earnings would already have been subject to tax in the prior reporting period. The net income is taxed, and then becomes part of the retained earnings.
Hgfs at Yahoo! Answers Visit the source
Other answers
Not even close. Go back to class and start studying. Income tax for a corporation is based upon taxable income, which is net income + disallowed expenses (bribes, fines, etc.) - any tax favorable extraordinary items.
Bostonian In MO
No even close. Some things really are simple. It's Taxable Income x Tax Rate.
Fred S
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