Over But not over Tax is: Of amount over: $0 $50,000 15% $0 $50,000 $75,000 $7,500 + 25% $50,000 $75,000 $100,000 $13,750 + 34% $75,000 $100,000 $335,000 $22,250 + 39% $100,000 $335,000 $10,000,000 $113,900 + 34% $335,000 $10,000,000 $15,000,000 $3,400,000 + 35% $10,000,000 $15,000,000 $18,333,333 $5,150,000 + 38% $15,000,000 $18,333,333 _______ 35% $0 Refer to the table above: A firm has $12,000,000 in taxable income. What is the firm’s tax bill?
|
Over |
But not over |
Tax is: |
Of amount over: |
|
$0 |
$50,000 |
15% |
$0 |
|
$50,000 |
$75,000 |
$7,500 + 25% |
$50,000 |
|
$75,000 |
$100,000 |
$13,750 + 34% |
$75,000 |
|
$100,000 |
$335,000 |
$22,250 + 39% |
$100,000 |
|
$335,000 |
$10,000,000 |
$113,900 + 34% |
$335,000 |
|
$10,000,000 |
$15,000,000 |
$3,400,000 + 35% |
$10,000,000 |
|
$15,000,000 |
$18,333,333 |
$5,150,000 + 38% |
$15,000,000 |
|
$18,333,333 |
_______ |
35% |
$0 |
Refer to the table above:
A firm has $12,000,000 in taxable income. What is the firm’s tax bill?
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|
Over |
But not over |
Tax is: |
Of amount over: |
|
$0 |
$50,000 |
15% |
$0 |
|
$50,000 |
$75,000 |
$7,500 + 25% |
$50,000 |
|
$75,000 |
$100,000 |
$13,750 + 34% |
$75,000 |
|
$100,000 |
$335,000 |
$22,250 + 39% |
$100,000 |
|
$335,000 |
$10,000,000 |
$113,900 + 34% |
$335,000 |
|
$10,000,000 |
$15,000,000 |
$3,400,000 + 35% |
$10,000,000 |
|
$15,000,000 |
$18,333,333 |
$5,150,000 + 38% |
$15,000,000 |
|
$18,333,333 |
_______ |
35% |
$0 |
Refer to the table above:
A firm has $12,000,000 in taxable income. What is the firm’s average tax rate?
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