Rue Corp. is working to determine their income taxes payable for 2020. They have the following information:Tax Expenses: $40,000Taxable Revenue: $190,000Tax Rate: 20%Based on this information, what are their income taxes payable for 2020?

$30,000

Explanation:

Given that

Taxable Revenue = $190,000

Tax Expenses = $40,000

Tax rate = 20%

The computation of income tax payable is shown below:-

Profit = Taxable Revenue - Tax Expenses

= $190,000 - $40,000

= $150,000

Income tax payable = Profit × Tax rate

$150,000 × 20%

= $30,000

Therefore, for calculating the income tax payable we simply multiply the profit with tax rate.

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