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(Refer to Table 2.3.) Corporation Growth has $79,500 in taxable income, and Corporation Income has $7,950,000 in taxable income. Required: (a)What is the tax bill
(Refer to Table 2.3.) Corporation Growth has $79,500 in taxable income, and Corporation Income has $7,950,000 in taxable income. Required: (a)What is the tax bill for each firm? (Do not include the dollar signs ($). Enter rounded answers as directed, but do not use the rounded numbers in intermediate calculations.) Tax bill Corporation Growth Corporation Income $ 2,703,00 (b)Suppose both firms have identified a new project that will increase taxable income by $14,000, how much in additional taxes will each firm pay? (Do not include the dollar signs ($). Enter rounded answers as directed, but do not use the rounded numbers in intermediate calculations.) Additional taxes $ 4,760 Corporation Growth Corporation Income $ Tax Rate 15% Taxable Income 0- 50,000 50,001 - 75,000 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+
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