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The tax rates are as shown. Your firm, an LLC, currently has taxable income of $73,900. How much additional tax will the firm owe if
The tax rates are as shown. Your firm, an LLC, currently has taxable income of $73,900. How much additional tax will the firm owe if it increases its taxable income by $20,000?
| Taxable Income | Tax Rate | |||
| $0 | - | 9,700 | 10% | |
| $9,700 | - | 39,475 | 12% | |
| $39,475 | - | 84,200 | 22% | |
| $84,200 | - | 160,725 | 24% | |
| $160,725 | - | 204,100 | 32% | |
| $204,100 | - | 510,300 | 35% | |
| $510,300 | - | infinity | 37% | |
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