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2. Use the following tax table to answer this question: Taxable Income Tax Rate $0- 50,001- 75,001- $50,000| 15% 75,000 25 34 39 335.001-110,000,000 | 34 100,000 100,001- 335,000 A company has taxable income of $401,560. How much does it owe in taxes?

Show work/formula. Explain. Thank you!

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Answer #1

This rate system is known as slab rate system.it means up to $50,000 is taxed @15%.above 50,000 is taxed another rate.

Taxable income=401,560

Sl.no slabs taxable income (a) tax rate(b) tax(a×b)
1 up to $50,000 50,000 15%

7500

(50000×15%)
2 50,001to75,000 25,000 25% 6250
3 75001 to 100,000 25,000 34% 8500
4 100,001 to 335,000 235,000 39% 91650
5 335,000 to 10,000,000 66,560 34% 22,630.4
6 total tax payable- - - 136,530.4
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