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TAXABLE INCOME TAX RATE $0------ $8,700 10% $8,700---- 15%

TAXABLE INCOME TAX RATE $0------ $8,700 10% $8,700---- 15%

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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TAXABLE INCOME TAX RATE $0------ $8,700 10% $8,700---- $35,350 15% $35,350---- $85,650 25% $85,650---- $178,650 28% $178,650----- $388,350 33% OVER---- 35% $388,350 Use the marginal income tax rate above to compute the following: a. Tax due on taxable income of $50,000; $100,000; $200,000; and $500,000. b. Average Tax Rate (ATR) on taxable income of $50,00; $100,000; $200,000; and $500,000.
Transcribed Image Text:TAXABLE INCOME TAX RATE $0------ $8,700 10% $8,700---- $35,350 15% $35,350---- $85,650 25% $85,650---- $178,650 28% $178,650----- $388,350 33% OVER---- 35% $388,350 Use the marginal income tax rate above to compute the following: a. Tax due on taxable income of $50,000; $100,000; $200,000; and $500,000. b. Average Tax Rate (ATR) on taxable income of $50,00; $100,000; $200,000; and $500,000.
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