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Please only answer if you know how to do it thank you. The corporate income tax table currently in effect is: Taxable income is greater
Please only answer if you know how to do it thank you.
The corporate income tax table currently in effect is: Taxable income is greater than or equal But less than... $50,000 75,000 100,000 335,000 335,001 10,000,000 10,000,001 15,000,000 15,000,001 18,333,333 Tax rate 15% 25% 34% 39% 34% 35% 38% 35% 50,001 75,001 100,001 18,333,334 a. Create a tax table for corporate taxes similar to the individual tax table shown above. b. For a given taxable income, what is the marginal tax rate? c. For a given taxable income, what is the total tax bill? d. For a given taxable income, what is the average tax rate? f taxable income is But not a. over over The tax is $ 50,000 50,001$ 75,000 15% of the amount over $ $ $75,001 100,000 $100,001 $ 335,000 $335,001 $10,000,000 $ 10,000,001 $15,000,000 $ 15,000,001 $18,333,333 $18,333,334 $ $ 7,500 plus 25% ofthe amount over $ 50,001 13,750 plus 34% ofthe amount over $ 75,001 22,249 plus 39% of the amount over $ 100,001 113,899 plus 34% ofthe amount over $ 335,001 3,399,999 plus 35% of the amount over $10,000,001 5,149,998 plus 38% of the amount over $15,000,001 (1,266,669) plus 35% ofthe amount over $18,333,334 b. The marginal tax rate is: 34% c. The total tax bill is Tax on the bottom of marginal tax bracket: Amount of income in marginal tax bracket: Total tax: $113,899 $335,001 $448,900 d. The average tax rate is: 0.000%Step by Step Solution
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