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Raymond Moss, vice president of Moss Auto Parts, gets an annual bonus of 15% of...

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Question

Accounting

Raymond Moss, vice president of Moss Auto Parts, gets an annual bonus of 15% of any income, before deducting bonus and income taxes, above $100,000. Income before bonus and income taxes is $250,000. The effective income tax rate is 30%.

Required:

1. Compute the amount of Raymond Moss's bonus. Bonus = $

2. Compute the income tax expense. Income tax expense = $

Please answer the 2nd question correctly. The answer posted is wrong.

Answer & Explanation Solved by verified expert
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