math-taxes-question

Webster, Inc. has the following items of income and expense for 2016m its first year of operations. Webster began operation on April 1 and uses a calendar year end.

Gross receipts from sale $1,391,222
Charitable contributions $15,000
Employment taxes $10,250
Interest expense $30,000
Organizational costs $52,600
Office rent expense $31,000
Real estate taxes $15,600
Utilities expense $11,300
Wage expense $93,540

In addition to these items, Webster purchased machinery and equipment costing $1,430,000 and furniture costing $112,000 on April 9, 2016, and a warehouse costing $190,000 on May 2, 2016.

Webster wants to minimize its 2016 income tax liability, which means electing Section 179 expense for the maximum the tax law allows, as well as taking the 50-percent bonus depreciation. Compute Webster’s 2016 taxable income and income tax liability.

 

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