The tax rates are as shown. Your firm currently has taxable income of 79,800. How much...

Question

Question

The tax rates are as shown. Your firm currently has taxable income of 79,800.

How much additional tax will you owe if you increase your taxable income by 22,300?

business finance

Answer 1

Answer #1

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Answer:

Previously tax =(0.15*50,000)+(0.25*(75000-50,000))+(0.34*(79800 - 75000)

=$15382

Now taxable income=(79800+22300)=$102,100

Hence tax =(0.15*50,000)+(0.25*(75000-50,000))+(0.34*(100,000-75000))+(0.39*2100)

=$23069

hence additional tax=(23069-15382)=$7687

Answer 2

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