Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

(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

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_2

Step: 3

blur-text-image_3

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

Advanced Models And Tools For Effective Decision Making Under Uncertainty And Risk Contexts

Authors: Vicente González-Prida, María Carmen Carnero

1st Edition

1799832465,179983249X

More Books

Students also viewed these Finance questions