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Can anyone help? This makes 0 sense even after reviewing similar problems. (Refer to Table 2.3.) Corporation Growth has $88,000 in taxable income, and Corporation
Can anyone help? This makes 0 sense even after reviewing similar problems.
(Refer to Table 2.3.) Corporation Growth has $88,000 in taxable income, and Corporation Income has $8,800,000 in taxable income. Required: (a)What is the tax bill for each firm? (Do not include the dollar signs ($). Enter rounded answers as directed, but do not use the rounded numbers in intermediate calculations.) Corporation Growth Corporation Income Tax bill $ $ AA (b) Suppose both firms have identified a new project that will increase taxable income by $4,000, how much in additional taxes will each firm pay? (Do not include the dollar signs ($). Enter rounded answers as directed, but do not use the rounded numbers in intermediate calculations.) Corporation Growth Corporation Income Additional taxes $ $ TABLE 2.3 Taxable income Tax Rate Corporate tax rates 15% 25 $ 0 50,000 50,001 75,000 75,001 100,000 100,001 335,000 335,001 - 10,000,000 10,000,001 - 15,000,000 15,000,001-18,333,333 18,333,334+ 34 39 34 35 38 35
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