Resumen de la asignación Capítulo 2
Ejercicios E2-1, E2-2, E2-3, E2-4
Problemas ninguno
Caso Hemingway
Total de ejercicios 4
Total de problemas 0
Ejercicio hoja de cálculo 1
Spreadsheet Exercise
Hemingway Corporation is considering expanding its operations to boost its income,
but before making a final decision, it has asked you to calculate the corporate tax
consequences of its decision. Currently, Hemingway generates before-tax yearly income
of $200,000 and has no debt outstanding. Expanding operations would allow
Hemingway to increase before-tax yearly income to $350,000. Hemingway can use
either cash reserves or debt to finance its expansion. If Hemingway uses debt, it will
have yearly interest expense of $70,000.
TO DO
Create a spreadsheet to conduct a tax analysis for Hemingway Corporation and determine
the following:
a. What is Hemingway’s current annual corporate tax liability?
b. What is Hemingway’s current average tax rate?
c. If Hemingway finances its expansion using cash reserves, what will be its new
corporate tax liability and average tax rate?
d. If Hemingway finances its expansion using debt, what will be its new corporate
tax liability and average tax rate?
e. What would you recommend that the firm do? Why?
Hemingway Corporation Tax Analysis
Corporate Tax Rate Schedule
Tax Calculation
Range of taxable income Base Tax +
$0 to $50,000 $0 + (
50,000 to 75,000 7,500 + (
75,000 to 100,000 13,750 + (
100,000 to 335,000 22,250 + (
335,000 to 10,000,000 113,900 + (
10,000,000 to 15,000,000 3,400,000 + (
15,000,000 to 18,333,333 5,150,000 + (
over 18,333,333 6,416,667 + (
(a.) Current tax liability is found using the corporate tax rate schedule:
Before tax income:
Tax liability
(b.) Current average tax rate:
(c.) Using the cash reserves, the new tax liability and average tax rate is found below using the corporate tax rate sc
Before tax income:
Tax liability
Average tax rate:
(d.) With debt, the new tax liability and average tax rate is found below using the corporate tax rate schedule:
Before tax income:
Less: Interest expense:
Taxable income:
Tax liability
Average tax rate:
(e.) You should consider the after tax income from each possibility shown below, and you should recommend choic
after tax income.
Current after tax income:
Expansion with Cash Reserve after tax income:
Expansion with debt after tax income:
ation
(Marginal tax rate x amount over base)
15% x amount ov$ 0)
25% x amount ov50,000)
34% x amount ov75,000)
39% x amount ov100,000)
34% x amount ov335,000)
35% x amount ov1,000,0000)
38% x amount ov15,000,000)
35% x amount ov18,333,333)
ow using the corporate tax rate schedule:
corporate tax rate schedule:
and you should recommend choice with the highest
Hemingway Corporation está considerando expandir sus operaciones para mejorar su
ingreso; antes de tomar la decisión final le ha pedido calcular las consecuencias de su decisión.
Actualmente Hemingway genera ingresos anuales antes de impuestos de $200,000 y no tiene
deudas importantes. La expansión de operaciones permitiría a Hemingway incrementar sus
ingresos anuales antes de impuestos a $350,000. Hemingway puede usar sus reservas de efectivo
o endeudarse para financiar su expansión. Si Hemingway se endeuda, tendrá gastos
anuales por intereses de $70,000.
RESOLVER
Elabore una hoja de cálculo para llevar a cabo un análisis de impuestos para Hemingway
Corporation y determine lo siguiente:
a) ¿Cuál es la responsabilidad fiscal anual actual de Hemingway?
b) ¿Cuál es la tasa impositiva promedio actual de Hemingway?
c) Si Hemingway financia su expansión usando sus reservas de efectivo, ¿cuál será su
nueva responsabilidad fiscal corporativa y su tasa impositiva promedio?
d) Si Hemingway financia su expansión mediante deuda, ¿cuál será su nueva responsabilidad
fiscal corporativa y su tasa impositiva promedio?
e) ¿Cuál sería su recomendación? ¿Por qué?
Hemingway Corporation Análisis de impuestos
Tarifa de impuestos aplicable
as de efectivo Cálculo d
Rango de utilidad base impuestos Impto. Base +
$ 0 to $ 50,000 $ 0 + (
50,000 to 75,000 7,500 + (
75,000 to 100,000 13,750 + (
100,000 to 335,000 22,250 + (
335,000 to 10,000,000 113,900 + (
10,000,000 to 15,000,000 3,400,000 + (
15,000,000 to 18,333,333 5,150,000 + (
mayor a 18,333,333 6,416,667 + (
álisis de impuestos
aplicable
Cálculo de impuesto
(tasa de impuesto marginal x monto adicional a la base)
15% x Monto ad. Base $ 0)
25% x Monto ad. Base 50,000)
34% x Monto ad. Base 75,000)
39% x Monto ad. Base 100,000)
34% x Monto ad. Base 335,000)
35% x Monto ad. Base 1,000,0000)
38% x Monto ad. Base 15,000,000)
35% x Monto ad. Base 18,333,333)
