Answer:
Taxable Income = $328,500
Given that tax slabs and rates are:
For taxable Income from $0 to $50,000, tax rate is 15%
For taxable Income from $50,001 to $75,000, tax rate is 25%
For taxable Income from $75,001 to $100,000, tax rate is 34%
For taxable income from $100,001 to $335,000, tax rate is 39%
Hence:
Tax liability = $50,000 * 15% + ($75,000 - $50,000) * 25% + ($100,000 - $75,000) * 34% + ($328,500 - $100,000) * 39%
= $111,365
Average Tax rate = Tax liability / Taxable Income = 111365 / 328500 = 33.90%
From above, marginal tax rate is = 39%
Hence:
Company's Income Tax = $111,365
Average Tax rate = 33.90%
Marginal tax rate = 39%
please show all work 4. Calculating Taxes The Alexander Co. had $328,500 in taxable income. Using...
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