Given this tax table, what is the average tax rate and what is the marginal tax...

Question

Question

Given this tax table, what is the average tax rate and what is the marginal tax rate for a firm with taxable income of $160,0

Answer 1

Answer #1

Taxable amount is $160000
As per the tax slabs, the tax amounts will be:

=50000*15%=7500

=(75000-50000)*25%=6250

=(100000-75000)*34%=8500

=(160000-100000)*39%=23400

Total tax amount=7500+6250+8500+23400=$45650

Answer 2

Similar Homework Help Questions

The tax rates for a particular year are shown below: Taxable Income Tax Rate $0 –...

The tax rates for a particular year are shown below: Taxable Income Tax Rate $0 – 50,000 15 % 50,001 – 75,000 25 % 75,001 – 100,000 34 % 100,001 – 335,000 39 % What is the average tax rate for a firm with taxable income of $124,513?
MC algo 2-4 Average Tax Rate The tax rates for a particular year are shown below:...

MC algo 2-4 Average Tax Rate The tax rates for a particular year are shown below: Taxable Income $0 - 50,000 50,001 - 75,000 75,001 - 100,000 100,001 - 335,000 Tax Rate 15% 25% 34% 39% What is the average tax rate for a firm with taxable income of $131,513? Multiple Choice 20.00% 37.16% 26.26%
What would be the marginal and average tax rates for a corporation with an income level...

What would be the marginal and average tax rates for a corporation with an income level of $100,000? Use Table 3-5. (Do not round intermediate calculations. Enter the marginal tax rate as a whole percent. Enter the average tax rate as a percent rounded to 2 decimal places.) 34 % Marginal tax rate Average tax rate TABLE 3.5 corporate tax Tax Rate (%) Taxable Income ($) rates, 2016 0-50,000 15 50,001-75,000 25 75,001-100,000 34 100,001-18,333,333 Varles between 39 and 34...

Marginal Tax Rate Taxable Income Portion Subject to That Rate 15% 0–$50,000 25% $50,001–$75,000 34% $75,001–$100,000...

Marginal Tax Rate Taxable Income Portion Subject to That Rate 15% 0–$50,000 25% $50,001–$75,000 34% $75,001–$100,000 39% $100,001–$335,000 34% $335,001–$10,000,000 35% $10,000,001–$15,000,000 38% $15,000,001–$18,333,333 35% $18,333,333+ (4 of 10 Using the tax table provided in Figure 10.3, determine the average and marginal tax rates for a company that earned $18.5 million in taxable income. Average rate = 35.00%; Marginal rate = 35.00% Average rate = 38.00%; Marginal rate = 34.68% Average rate = 34.68%; Marginal rate = 35.00% Average rate...
The tax rates for a particular year are shown below: Taxable Income $0 - 50,000 50,001...

The tax rates for a particular year are shown below: Taxable Income $0 - 50,000 50,001 - 75,000 75,001 - 100,000 100,001 - 335,000 Tax Rate 15% 25% 34% 39% What is the average tax rate for a firm with taxable income of $122,513? Multiple Choice 27.82% 25.33% 39.00% 20.00%
The tax rates are as shown. Taxable Income Tax Rate $0 – 50,000 15% 50,001 –...

The tax rates are as shown. Taxable Income Tax Rate $0 – 50,000 15% 50,001 – 75,000 25% 75,001 – 100,000 34% 100,001 – 335,000 39% Your firm currently has taxable income of $80,000. How much additional tax will you owe if you increase your taxable income by $21,200?

The Anberlin Co. had $272194 in 2015 taxable income. Use the tax rates from Table 2.3....

The Anberlin Co. had $272194 in 2015 taxable income. Use the tax rates from Table 2.3. Calculate the company’s marginal tax rate. Taxable Income Tax rate $0-50,000 15% 50,001-75,000 25% 75,001-100,000 34% 100,001-335,000 39% 335,001-10,000,000 34% 10,000,001-15,000,000 35% 15,000,001-18,333,333 38% 18,333,334 + 35%
A company has $13,500,000 in taxable income. Consider the following corporate marginal tax rates: 1. What...

A company has $13,500,000 in taxable income. Consider the following corporate marginal tax rates: 1. What is the marginal tax rate for the company? 2. What is the total tax bill for the company, i.e., how much does the company have to pay in taxes (in $)? 3. What is the company's average tax rate? Intro A company has $13,500,000 in taxable income. Consider the following corporate marginal tax rates: Tax rate 15% 25% 34% Taxable income ($) 0 50,000...
The Anberin Co. had $280925 in 2015 taxable income. Use the tax rates from Table 2.3....

The Anberin Co. had $280925 in 2015 taxable income. Use the tax rates from Table 2.3. Calculate the company's average tax rate. TABLE 2.3 Taxable Income Tax Rate Corporate Tax Rates 50,000 75,000 100,000 100,001-335,000 335,001-10,000,000 10,000,001-15,000,000 15,000,001-18,333,333 15% 25 34 39 34 35 38 35 50,001 75,001 18,333,334+

The tax rates are as shown. Your firm currently has taxable income of 79,800. How much...

The tax rates are as shown. Your firm currently has taxable income of 79,800. How much additional tax will you owe if you increase your taxable income by 22,300? Taxable Income Tax Rate 0-50,000 15% 50,001 - 75,000 25% 75,001 - 100,000 34% 100,001 - 335,000 39%