Corporate taxes Tantor Supply, Inc., is a small corporation acting as the exclusive distributor of a major line of sporting goods. During 2021 the firm earned $1,666,300 before taxes. a. Calculate the firm's tax liability using a flat tax rate of 21%. b. How much are Tantor Supply's 2021 after-tax earnings? c. What was the firm's average tax rate? d. What was the firm's marginal tax rate? a. The firm's tax liability is $ (Round to the nearest dollar.)

Chemistry
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ISBN:9781305957404
Author:Steven S. Zumdahl, Susan A. Zumdahl, Donald J. DeCoste
Publisher:Steven S. Zumdahl, Susan A. Zumdahl, Donald J. DeCoste
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Corporate taxes Tantor Supply, Inc., is a small corporation acting as the exclusive distributor of a major line of sporting goods. During 2021 the firm earned $1,666,300 before taxes.
a. Calculate the firm's tax liability using a flat tax rate of 21%.
b. How much are Tantor Supply's 2021 after-tax earnings?
c. What was the firm's average tax rate?
d. What was the firm's marginal tax rate?
a. The firm's tax liability is $
(Round to the nearest dollar.)
Transcribed Image Text:Corporate taxes Tantor Supply, Inc., is a small corporation acting as the exclusive distributor of a major line of sporting goods. During 2021 the firm earned $1,666,300 before taxes. a. Calculate the firm's tax liability using a flat tax rate of 21%. b. How much are Tantor Supply's 2021 after-tax earnings? c. What was the firm's average tax rate? d. What was the firm's marginal tax rate? a. The firm's tax liability is $ (Round to the nearest dollar.)
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