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Company A has $82,900 in taxable income, and Company B has $4.0 million in taxable income. Using the tax rates from the Table below. What
Company A has $82,900 in taxable income, and Company B has $4.0 million in taxable income. Using the tax rates from the Table below. What is the difference between the tax bills of these two firms? (round to nearest dollar)
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% |
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