Merisande's taxable profit is 360,000. The rate applicable to profits for the year, enacted at the reporting date, is 26%. A bill providing for 24% for future years is under discussion, neither enacted nor substantively enacted (case data). Compute current tax for the year.
- Taxable profit
- 360,000
- Rate enacted at the reporting date (%)
- 26 %
- Proposed rate (%)
- 24 %