Accounting Assignment | Custom Assignment Help
Full the work sheet. In finishing the worksheet, compute State of Illinois company earnings taxes at 41/2% of pretax earnings. The state earnings tax is deductible on the federal tax return, and the federal tax is just not deductible on the Illinois return. Assume federal company earnings tax on earnings topic to federal tax is as follows:
- First $50,000 @15%
- Subsequent 25,000 @25%
- The rest @34%
- Dr Earnings tax expense ?
- Cr Earnings taxes payable ?Get accounting task homework assist