Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Below is the tax schedule for corporation in 2013. ' r' , ' 4. 1 e10 15 flu tax schedule tor cm-pnmmms m

image text in transcribed

Below is the tax schedule for corporation in 2013.

image text in transcribed
' " r' \\ , ' 4. 1 e10\" 15 flu tax schedule tor cm-pnmmms m 2013 M US. Corporate Tax Rate Schedule in 2013 Taxable Income More Than $0 $50,000 575,000 $100,000 $335,000 $10,000,000 $15,000,000 $18,333,333 But Not More Than $50,000 $75,000 $100,000 $335,000 8 I 0,000,000 5 15,000,000 5 18,333,333 Just like the tax system for indivrduals, the tax system for COlpOfalIOI'WS m the Umted States |S progressive, with marginal tax rates ranging from 15 percent to as high as 39 percent Tax Owed l5% of amount beyond 30 T500 + 2.5% of amount beyond $50,000 $13,750 + 34% of amount beyond $75,000 $22,250 + 39% of amount beyond $100,000 $1 13,900 + 34% of amount beyond $335,000 $3,400,000 + 35% of amount beyond $10,000,000 $5,150,000 + 38% of amount beyond $15,000,000 3596 on all income Suppose your corporation made $12 million. b) What was your marginal tax rate? C) What was your average tax rate? a) How much tax did you pay in total to the government

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored 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

Financial Management for Public, Health and Not-for-Profit Organizations

Authors: Steven A. Finkler, Daniel L. Smith, Thad D. Calabrese, Robert M. Purtell

5th edition

1506326846, 9781506326863, 1506326862, 978-1506326849

More Books

Students also viewed these Finance questions

Question

What skills would a project manager need?

Answered: 1 week ago