Kasar co. has net income, before taxes, of $335,000, including $35,000 in interest revenue from municipal bonds and $12,000 paid for officers’ life insurance premiums where the company is the beneficiary. the effective tax rate for the current year is 29.5%. what is kasar’s actual tax rate for the current year?

 Kasar’s actual tax rate for the current year is 31.7%.

Explanation:

Given that,

Net income, before taxes, = $335,000

Interest revenue = $35,000  

Paid for officers’ life insurance premiums = $12,000

Effective tax rate = 29.5%

In this question, income tax expense is equal to the income tax liability.

Income tax liability = Taxable income × Tax rate

Taxable income = $335,000 - $35,000 + 12000

= $312,000

Income tax liability = 335000 × 29.5%

= $98825

Actual tax rate =

=

= 31.70%

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a recipe serves 8 people, and calls for 5 lbs of apples and 2 cups of flour. you want to prepare it for 24 people. divide 24 by 8 to get 3, and then multiply your ingredients by 3.

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