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$ 0 50,000 15% 50,000 75,000 25% 75,000 100,000 34% 100,000 335,000 39% 335,000 10,000,000 34% 10,000,000 15,000,000 35% 15,000,000 18,333,333 38% 18,333,333 .......... 35%
$ 0 50,000 15% 50,000 75,000 25% 75,000 100,000 34% 100,000 335,000 39% 335,000 10,000,000 34% 10,000,000 15,000,000 35% 15,000,000 18,333,333 38% 18,333,333 .......... 35%
Using the table above, Hunt Taxidermy, Inc., is concerned about the taxes paid by the company in 2015. In addition to $42.7 million of taxable income, the firm received $3,015,000 of interest on state-issued bonds and $1,800,000 of dividends on common stock it owns in Oakdale Fashions, Inc.
What is the:
Tax liability
Average tax rate %
Marginal tax rate %
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