Question
(Corporate income tax)Boisjoly Productions had a taxable income of $19.9million. a. Calculate Boisjoly's federal income taxes using the tax table shown in the popup window:
(Corporate income tax)Boisjoly Productions had a taxable income of $19.9million.
a. Calculate Boisjoly's federal income taxes using the tax table shown in the popup window:
b.Now calculate Boisjoly's average and marginal tax rates
Taxable Income | Marginal 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% |
Over $18,333,333 | 35% |
a.The firm's tax liability for the year is $? (Round to the nearest dollar.)
b.The firm's average tax rate is. ?%. (Round to two decimal places.)
The firm's marginal tax rate is? ?%. (Round to the nearest integer.)
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started