Question

Netgate Corporation's gross regular tax liability for the year was $95,375. What was its taxable income? Note: New Corporate income tax rate has been mentioned as "21% on all taxable income" as per the recent change.

Answer 1

The taxable income can be calculated by dividing the gross regular tax liability by the corporate income tax rate.

Step-by-step explanation:

The taxable income can be calculated by dividing the gross regular tax liability by the corporate income tax rate. The corporate income tax rate is 21% on all taxable income. Using this information, we can calculate the taxable income as follows:

Taxable Income = Gross Regular Tax Liability / Corporate Income Tax Rate

Taxable Income = $95,375 / 0.21 = $453,452.38

Therefore, Netgate Corporation's taxable income for the year was $453,452.38.