Assume your new venture, organized as a proprietorship, is in its first year of operation. You expect to have taxable income of $50,000. Use the income tax rate information contained in Figure 3.6 to estimate the amount of income taxes you would have to pay.

1. Calculate the amount of your income taxes if you were filing as a single individual.
2. Calculate the amount of your income taxes if you were married and filing jointly.
3. If your venture had been organized as a standard corporation instead of a proprietorship, calculate your income tax liability.

PANEL B: 2017 CORPORATE MARGINAL INCOME TAX RATES TAXABLE INCOME BUT NOT OVER- OVER- MARGINAL TAX RATE 0 50,000 15% 50.000 75,000 25% 100,000 34% 75,000 100,000 335,000 335,000 39% 34% 10,000,000 15,000,000 10,000,000 35% 15,000,000 18,333,333 38% 18,333,333 35% PANEL C: 2018 PERSONAL MARGINAL INCOME TAX RATES : SINGLE MARRIED FILING JOINTLY TAXABLE INCOME MARGINAL TAX RATE TAXABLE INCOME MARGINAL TAX RATE OVER- BUT NOT OVER- OVER- BUT NOT OVER- 0 9,525 10% 0 19,050 10% 9,525 38,700 12% 19,050 77,400 12% 38,700 82,500 22% 77,400 165,000 22% 82,500 157,500 24% 165,000 315,000 24% 32% 315.000 32% 157,500 200,000 200,000 500,000 400,000 600,000 35% 400.000 35% 500,000 37% 600,000 37%