Based on the calculation below, the net income would have been 13,475 if income tax expense had been 23%.
The net income when the tax rate is 23% can be calculated as follows:
Income before tax = Income tax expenses at 25% tax rate / Tax tax rate = 4,375 / 25% = 17,500
Net income at 23% tax rate = Income before tax * (100% - Tax rate of 23%)
Net income at 23% tax rate = 17,500 * (100% - 23%)
Net income at 23% tax rate = 17,500 * 77%
Net income at 23% tax rate = 13,475
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