A Company Has Income Before Tax of $350,000, Which Includes

question 38

Multiple Choice

A company has income before tax of $350,000, which includes a permanent difference of $65,000 relating to non-taxable dividend income. There are no other permanent or temporary differences. The income tax rate is 45%. The taxes payable are:

• A)$186,750
• B)$128,250
• C)$157,500
• D)$285,000

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