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Your firm currently has taxable income of $80,000. How much additional tax will you owe if you increase your taxable income by $21,200? $8,268 $7,268
Your firm currently has taxable income of $80,000. How much additional tax will you owe if you increase your taxable income by $21,200?
$8,268
$7,268
$6,888
$6,878
$7,208
$35,745
(Not sure if the tax rates have anything to do with this problem or my previous problem so I'm inserting it just incase. If it is needed then it goes with this problem)
The tax rates are as shown below:
Taxable Income | Tax Rate | |
$0 50,000 | 15 | % |
50,001 75,000 | 25 | % |
75,001 100,000 | 34 | % |
100,001 335,000 | 39 | % |
Please show how you got the answer not just the answer. Thank you
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