The last annual report of Harrison Engineering’s 3-D Imaging Division showed GI = $4.9 million, OE = $2.1 million, and D = $1.4 million. If the average federal tax rate is 31% and state/local tax rates total 9.8%, estimate (a) federal income taxes, and (b) the percentage of GI that the federal government took in income taxes.
What will be an ideal response?
(a) Te = 9.8 + (1 – 0.098)(31%) = 37.76%
TI = 4.9 – 2.1 – 1.4 = $1.4 million
Tax estimate = 1,400,000(0.3776) = $528,640
(b) 528,640/4,900,000 × 100% = 10.8%
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