The following problem statement is used for both Q4 and 25. Use the provided tax bracket for calculations. Suppose you own a small business. The net income from sales in year 2009 was $2,000,000. The business expense in the year 2009 for your business was $580,000 and the machinery used for the business depreciated by $350,000. State tax rate is 9%. What is the taxable income of your business? Taxable Income Tax Rate $1-$50,000 $50,001-$75,000 $75,001-$100,000 $100,001-$335,000 $335,001-$10 M $10M-$15M $15M-$18.3M Over $18.3 M 0.15 0.25 0.34 0.39 0.34 0.35 0.38 0.35 $1,070,000 $1,200,000 $1,342.000 $1,521,000