For the year 20A,Tally Corporation reported $50,000 pretax profit (average annual income tax rate of 40%).What was the after tax profit?

Name: For the year 20A,Tally Corporation reported $50,000 pretax profit (average annual income tax rate of 40%).What was the after tax profit?
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Quizplus · Accepted Answer

The after-tax profit is calculated by subtracting the tax from the pretax profit. The tax is 40% of $50,000, which is $20,000. Therefore, the after-tax profit is $50,000 - $20,000 = $30,000.

For the Year 20A,Tally Corporation Reported $50,000 Pretax Profit (Average