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