Using the 2020 corporate tax rate What are the tax liability, the marginal tax rate, and...
- Using the 2020 corporate tax rate
- What are the tax liability, the marginal tax rate, and the average tax rate for a corporation with $248,300 taxable income?
- What are the tax liability, the marginal tax rate, and the average tax rate for a corporation with $39,253,000 taxable income?
Homework Answers
The corporate tax rate is currently at a flat rate of 21% due to the passage of Tax Cuts and Jobs Act, 2017.
Since the corporates are taxed at a flat rate, marginal and average tax rates remain the same as the flat rate.
(a) Corporation with a taxable income of $248,300:
Tax liability = $248,300 x 21% = $52,143
Marginal tax rate = 21%
Average tax rate = 21%
(a) Corporation with a taxable income of $39,253,000:
Tax liability = $39,253,000 x 21% = $8,243,130
Marginal tax rate = 21%
Average tax rate = 21%
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