Question
Hello, I am having trouble understanding this problem form my text. Please check it out below: U.S. Corporate Tax Rate Schedule Taxable Income (in $)
Hello, I am having trouble understanding this problem form my text. Please check it out below:
U.S. Corporate Tax Rate Schedule
Taxable Income (in $) Marginal Tax Rate
0 50,000 15%
50,000 - 75,000 25%
75,000- 100,000 34%
100,000 - 335,000 39%
335,000- 10,000,000 34%
10,000,000- 15,000,000 35%
15,000,000- 18,333,333 38%
18,333,333-
Based on the U.S. Corporate Tax Rate Schedule above, calculate the tax liability (in dollars) for a corporation with a taxable income of $212,800.
Will I find the answer by multiplying the taxable income 212,800*39%, or is their another step that I'm missing.
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