Homework Answers
First, Calculating the Taxable Income:
Income = $3450,000
| Marginal Tax rate bracket | Tax Bracket | Income in relation to tax bracket ($) | Calculations | Taxes ($) |
| 15% | 0-100000 | 100000 | 100000*15% | 15000 |
| 25% | 100000-200000 | 100000 | 100000*25% | 25000 |
| 34% | 200000-400000 | 200000 | 200000*25% | 68000 |
| 39% | 400000-1000000 | 600000 | 600000*39% | 234000 |
| 34% | 1000000-3000000 | 2000000 | 2000000*34% | 680000 |
| 35% | 3000000-5000000 | 450000 | 450000*35% | 157500 |
| 3450,000 | 1,179,500 |
So, the Average Tax = 1179500/3450000 = 34.19%
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Talley Corporation had a taxable income of $320000 from operations
after all operating costs but before (1) interest charges of
$64000, (2) dividends received of $9600 (3) dividends paid of
$16000 and (4) income taxes.
What are the firms income tax liabilitu and its after tax
income?
Income tax liability
After tax libility
What are the companys marginal and average tax rates on
taxable income?
Marginal tax rate %
Average tax rate %
TABLE 2-1 Corporate Tax Rates as...
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The
Talley Corporation had a taxable income of $320000 from operations
after all operating costs but before (1) interest charges of
$64000, (2) dividends received of $9600 (3) dividends paid of
$16000 and (4) income taxes.
What are the firms income tax liabilitu and its after tax
income?
Income tax liability
After tax libility
What are the companys marginal and average tax rates on
taxable income?
Marginal tax rate %
Average tax rate %
TABLE 2-1 Corporate Tax Rates as...
Ch 03: Blueprint Problems- Financial Statements, Cash Flow, and Taxes 2017 Individual Tax Rates Single Individuals Plus This Percentage You Pay This Average Tax Amount on the on the Excess over the Rate at Base (Marginal Rate) Base of the Bracket If Your Taxable Top of Bracket Income Is 10.0 % 10.0% Up to $9,325 $0 $9,325 $37,950 932.50 15.0 13.8 $37,950 $91,900 5,226.25 25.0 20.4 $91,900 $191,650 18,713.75 28.0 24.3 $191,650 $416,700 46,643.75 33.0 29.0 $416,700 $418,400 120,910.25 35.0...
Federal Income Taxes Individuals and firms pay out a significant portion of their income as taxes, so taxes are important in both personal and corporate decisions. Our tax system is progressive. Individual Individuals pay taxes on wages, on investment income, and on the profits of proprietorships and partnerships. Taxable income is defined as gross income less a set of exemptions and deductions. In 2013, the personal exemption is $3,900 per person. A capital gain (loss) is the profit (loss) from...
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