Questions 15-16. DIRECTIONS: Answer Questions 15 through 16 based on the following. The Victory Corporation...
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Questions 15-16. DIRECTIONS: Answer Questions 15 through 16 based on the following. The Victory Corporation provides an incentive plan whereby its president receives a bonus equal to 10% of the corporate income in excess of $150,000. The bonus is based upon income before income taxes but after calculating the bonus. 15. If the income for the calendar year 2018, before income taxes and before the bonus were $480.000 and the effective tax rate is 40%, the amount of the bonus would be 15 4 (#2) D. $48,000 A. $15,000 B. $30,000 C. $33,000 16. The income tax expense for calendar year 2012 would be A. $60,000 B. $132,000 C. $180,000 D. $192,000
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