a.income tax liability:
total income is 250,000 and it is taxed in slabs:
first 50,000 is taxed at 15% (50,000*15%) | $7,500 |
next (75,000-50,000)=>25,000 is taxed at 25% | 6,250 |
next (100,000-75,000)=>25,000 is taxed at 34% | 8,500 |
next (250,000-100,000)=>150,000 is taxed at 39% | 58,500 |
income tax liability | $80,750 |
b.
Average tax rate = income tax liability / total income *100
=>$80,750/250,000 *100
=>32.30%.
c.Marginal tax rate =>39%.
(since any additional dollar will be taxed at 39%).
d.income tax under flat rate of 21%
=>$250,000*21%
=>$52,500.
e.
average tax will be = $52,500 / 250,000*100
=>21%
f.
marginal tax rate = 21%.
Student, Inc. had $250,000 in 2019 taxable 1.5 income. Using the graduated rate table below, (2...
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%
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+
please show all work
4. Calculating Taxes The Alexander Co. had $328,500 in taxable income. Using the rates from Table 2.3 in the chapter, calculate the company's income taxes. What is the average tax rate? What is the marginal tax rate? TAX RATE 15% 25 34 39 TAXABLE INCOME 0-50,000 50,001-75,000 75,001-100,000 100,001-335,000 335,001-10,000,000 10,000,001-15,000,000 15,000,001-18,333,333 34 35 38 35 18,333,334+
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The SGS Co. had $311,000 in taxable income.
Use the rates from Table 2.3. (Do not round intermediate
calculations and round your answer to the nearest whole number,
e.g., 32.)
Calculate the company’s income taxes.
Tax Rate TABLE 2.3 Corporate tax rates Taxable income 50,000 50,001 75,000 75,001 100,000 100,001 335,000 335,001- 10,000,000 10,000,001– 15,000,000 15,000,001– 18,333,333 18,333,334+ 15% 25 34 39 34 35 38 35
The Anberin Co. had $305319 in 2015 taxable income. Use the tax rates from Table 2.3. Calculate the company's marginal tax rate TABLE 2.3 Taxable Income Corporate Tax Rates 50,000 75,000 100,000 100,001335,000 335,001-10,000,000 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+
"Florida Citrus Inc. (FCI) estimates its taxable income at
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calculate how much FCI will pay in federal income taxes."
TABLE 9·12 Corporate Tax Schedule for 2015 Taxable Income (X) $0-$50,000 50,001-75,000 75,001-100,000 100,001-335,000 335,001-10,000,000 10,000,001-15,000,000 15,000,001-18,333,333 18,333,334 and up Tax Rate 15% 25% 34% 34% + 5% 34% 35% 35% + 3% 35% Tax Computation Formula $0 + 0.15X 7,500 + 0.25(X - $50,000) 13,750 + 0.34(X - 75,000) 22,250 +...
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