Question

1. On the basis of the discussion in this chapter and the rates schedules in Appendix C, determine the marginal tax rate for

1. A corporation with $23,000 taxable income.

2. A corporation with $250,000 taxable income.

3. A single (unmarried) individual with $53,000 taxable income.

4. A single (unmarried) individual with $625,000 taxable income.
   2020 Income Tax Rates INDIVIDUAL TAX RATES If taxable income is Not over $19.750 Over $19,750 but not over $80.250 Over $80,250 but not over $171,050 Over $171,050 but not over $325,600 Over $325,600 but not over $414.700 Over $414,700 but not over $622,050 Over $622,050 Married Filing Jointly and Surviving Spouse The tax is 10% of taxable income $1,975.00 + 129% of excess over $19.750 $9.235.00 +22% of excess over $80.250 $29.211.00 + 24% of excess over $171,050 $66.543.00 + 32% of excess over $325,600 $94.735.00 + 35% of excess over $414.700 $167.307.50 + 37% of excess over $622.050 If taxable income is Not over $9.875 Over $9.875 but not over $40,125 Over $40,125 but not over $85.525 Over $85,525 but not over $163,300 Over $163,300 but not over $207,350 Over $207,350 but not over $311,025 Over $311.025 Married Filing Separately The tax is 10% of taxable income $987.50 +12% of excess over $9.875 $4,617.50 + 22% of excess over $40.125 $14.605,50 + 24% of excess over $85,525 $33.721.50 + 32% of excess over $163,300 $47.367.50 + 35% of excess over $207,350 $83.663.75 + 37% of excess over $311.025 If taxable income is Not over $14.100 Over $14, 100 but not over $53,700 Over $53,700 but not over $85,500 Over $85,500 but not over $163,300 Over $163,300 but not over $207,350 Over $207,350 but not over $518.400 Over $518,400 Head of Household The tax is 10% of taxable income $1.410.00 + 12% of excess over $14.100 $6.162.00 +22% of excess over $53.700 $13.158.00 +24% of excess over $85,500 $31.830.00 + 32% of excess over $163,300 $45.928.00 + 35% of excess over $207,350 $154,793.50 + 37% of excess over $518.400 If taxable income is Not over $9,875 Over $9.875 but not over $40,125 Over $40,125 but not over $85,525 Over $85,525 but not over $163,300 Over $163,300 but not over $207,350 Over $207,350 but not over $518.400 Over $518,400 Single The tax is 10% of taxable income $987.50 +12% of excess over $9,875 $4,617.50 +229 of excess over $40.125 $14.605.50 +24% of excess over $85,525 $33.271.50 + 32% of excess over $163,300 $47.367.50 + 35% of excess over $207,350 $156,235.00 + 37% of excess over $518.400 ESTATE AND TRUST TAX RATES If taxable income is Not over $2,600 Over $2,600 but not over $9,450 Over $9.450 but not over $12.950 Over $12,950 The tax is 10% of taxable income $260.00 +24% of excess over $2,600 $1,904.00 + 35% of excess over $9.450 $3.129.00 + 37% of excess over $12.950
   

Answer 1

Corporations are taxed at flat tax rate of 21%

a	Marginal tax rate	21%
b	Marginal tax rate	21%
c	Marginal tax rate	22%	Tax bracket $40125-$85525, which is taxed at 22%
d	Marginal tax rate	37%	Tax bracket Over $518400, which is taxed at 37%