5. Mayor’s Angels –an app that matches you with people that will help you cross the...
5. Mayor’s Angels –an app that matches you with people that will
help you cross the street –reported pretax income last year of
$15,100,000. Using Table 2.3 from the text(also printed in the
slides), what is the total corporate income tax that Mayor’s Angels
owes? What is its a
verage tax rate, and what is
its marginal tax rate?
Homework Answers
Tax = (15100,000-15000,000)*38% + (15,000,000-10,000,000)*35% + (10,000,000- 335,000)*34% + (335000-100,000)*39% + (100,000- 75000)*34% + (75000-50000)*25% + 50000*15%
=5188000
Average Tax = Tax/ Corporate Income
= 5188,000/ 15,100,000
=34.36%
Marginal tax = Highest tax slab = 38%
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5. Mayor’s Angels –an app that matches you with people that will
help you cross the...
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