A company has income before tax of $350,000, which includes a permanent difference of $65,000 relating to non-taxable dividend income. There are no other permanent or temporary differences. The income tax rate is 45%.
Required:
Compute the amount of taxes payable and income tax expense.

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The Answer of A company has income before tax of $350,000, which includes a permanent difference of $65,000 relating to non-taxable dividend income. There are no other permanent or temporary differences. The income tax rate is 45%.
Required:
Compute the amount of taxes payable and income tax expense.

A Company Has Income Before Tax of $350,000, Which Includes