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Company A has $81,787 in taxable income, and Company B has $3.5 million in taxable income. Using the tax rates from the table below, what
Company A has $81,787 in taxable income, and Company B has $3.5 million in taxable income. Using the tax rates from the table below, what is the difference between the tax bills of these two firms?
Taxable Income Tax Rate $ 0-50,000 15% $ 50,001-75,000 25% $ 75,001-100,000 34% $ 100,001-335,000 39% $ 335,001-10,000,000 34% $ 10,000,001-15,000,000 35% $ 15,000,001-18,333,333 38% $ 18,333,334+ 35%Step by Step Solution
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