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? |
Homework Answers
Taxes when the income is $80000
= 50000 * 15% + (75000 - 50000) * 25% + (80000 - 75000) *34%
= 15450
Taxes when income is (80000 + 21200) = 101200
= 50000 * 15% + (75000 - 50000) * 25% + (100000 - 75000) *34% + (101200 - 100000) *39%
= 22718
Additional taxes owed = 22718 - 15450 = 7268
Add Answer to:
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0–$50,000
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