Answered step by step
Verified Expert Solution
Link Copied!

Question

...
1 Approved Answer

A company's before-tax earnings for the first year are 90,000. Calculate the tax of these earnings using table. Please show calculations. PARTO TABLE 1.2 2018

A company's before-tax earnings for the first year are 90,000. Calculate the tax of these earnings using table. Please show calculations.

image text in transcribed

PARTO TABLE 1.2 2018 Tax Rate Schedule for Single Taxpayer Tax calculation (Marginal rate X amount over bracket Base tax + Taxable income brackets lower limit) 0 $ 9,525 $ + to $ (10% X amount over 0) 9,525 38,700 $ 953 + (12% X amount over $ 9,525) 38,700 82,500 $ 4,454 + (22% X amount over $ 38,700) 82,500 157,500 $ 14,090 + (24% X amount over $ 82,500) 157,500 to 200,000 $ 32,090 + (32% X amount over $157,500) 200,000 500,000 $ 45,690 + (35% X amount over $200,000) Over 500,000 $150,690 + (37% X amount over $500,000) to to to esident or chief executive icer (CEO) The president or chief executive officer (CEO) is responsible for managing day to day oneratis

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

International Economics

Authors: Thomas Pugel

16th Edition

9780078021770

Students also viewed these Finance questions