Question
Tax rates on incomes: (i) between $.00 and $50,000.00 are 15.00%; (ii) between $50,001.00 and $75,000.00 are 25.00%; (iii) between $75,001.00 and $100,000.00 are 34.00%;
Tax rates on incomes: (i) between $.00 and $50,000.00 are 15.00%; (ii) between $50,001.00 and $75,000.00 are 25.00%; (iii) between $75,001.00 and $100,000.00 are 34.00%; (v) between $100,001.00 and $335,000.00 are 39.00%. Pembrook Pandas currently has taxable income of $93,400.00. How much additional tax will the firm owe if taxable income increases by $23,000.00? a) $8,640 b） ＄$7,820 c) $11,396 d) $8,970 e) $9,977
Step by Step Solution
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Step: 1
Analyzing the Tax Brackets The income increase of 2300000 pushes Pembrook Pandas from the 34 tax bra...
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Financial Accounting For Managers
Authors: Sanjay Dhamija
3rd Edition
978-9352868339
