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Amherst Machine is a manufacturer of tools. How much corporate income tax must they pay on $1800000 in income. Use the tax rates in Chapter 2's Workshop 2.1 to answer this question. X Your answer should be in the form of dollars without a comma or dollar sign (for example, 2775).

Amherst Machine is a manufacturer of tools. How much corporate income tax must they pay on $1800000 in income. Use the tax rates in Chapter 2's Workshop 2.1 to answer this question. X Your answer should be in the form of dollars without a comma or dollar sign (for example, 2775).

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Amherst Machine is a manufacturer of tools. How much corporate income tax must they pay on $1800000 in income. Use the tax rates in Chapter 2's Workshop 2.1 to answer this question. $ X Your answer should be in the form of dollars without a comma or dollar sign (for example, 2775).
Transcribed Image Text:Amherst Machine is a manufacturer of tools. How much corporate income tax must they pay on $1800000 in income. Use the tax rates in Chapter 2's Workshop 2.1 to answer this question. $ X Your answer should be in the form of dollars without a comma or dollar sign (for example, 2775).
150,000 250,000 400,000 Over 20,000 $0 $ 20,000 10% 80,000 Taxable Income 150,000 But Not Over Tax Rate 250,000 28% 400,000 33% 450,000 35% 80,000 15% 150,000 25% 250,000 28% 450,000 39.6% A married individual with taxable income of $110,000 who filed a joint return would be taxed $18,500, determined as follows:
Transcribed Image Text:150,000 250,000 400,000 Over 20,000 $0 $ 20,000 10% 80,000 Taxable Income 150,000 But Not Over Tax Rate 250,000 28% 400,000 33% 450,000 35% 80,000 15% 150,000 25% 250,000 28% 450,000 39.6% A married individual with taxable income of $110,000 who filed a joint return would be taxed $18,500, determined as follows:
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