The corporate tax rates are as follows:Taxable income ($)Tax rate0-50,00015%50,001-75,00025%75,001-100,00034%100,001-335,00039%335,001-10,000,00034%10,000,001-15,000,00035%15,000,001-18,333,33338%18,333,334+ 35%What is the marginal tax rate for the company with a taxable income of $5,000,000?

Tax rates are taken into account by businesses when choosing where to locate, invest, and grow. A…

Answered: The corporate tax rates are as follows:…

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-	50,000	15%
50,001-	75,000	25%
75,001-	100,000	34%
100,001-	335,000	39%
335,001-	10,000,000	34%
10,000,001-	15,000,000	35%
15,000,001-	18,333,333	38%
18,333,334+		35%

What is the marginal tax rate for the company with a taxable income of $5,000,000?

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Chapter 3 Activity – Taxes Individual Income Tax Brackets (2021) Marginal Tax Rate Single, taxable income over: Joint, taxable income over: Head of Household, taxable income over: 10% $0 $0 $0 12% $9,950 $19,900 $14,200 22% $40,525 $81,050 $54,200 24% $86,375 $172,750 $86,350 32% $164,925 $329,850 $164,900 35% $209,425 $418,850 $209,400 37% $523,600 $628,300 $523,600 Standard Deduction Amounts (2021) Filing Status Deduction Amount Single $12,550 Married Filing Jointly $25,100 Head of Household $18,800 Long-term Capital Gains & Qualified Dividends (2021) Tax Rate Single Joint Head of Household 0% Under $40,000 Under $80,800 Under $54,100 15% $40,400 $80,800 $54,100 20% $445,850 $501,600 $473,750 Additional 3.8% Net Investment Income Tax for MAGI over $200,000 / $250,000 / $200,000 Calculate the federal income…
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Corporate Tax Rate Schedule Tax calculation Range of taxable income Base tax (Marginal ratex amount over base bracket) $0 to (15% (25% (34% (39% (34% (35% (38% (35% $50,000 $0 $0) 50,000) 75,000) 100,000) 335,000) 10,000,000) 15,000,000) 18,333,333) + x amount over 50,000 to 75,000 7,500 x amount over + 75,000 to 100,000 to 100,000 13,750 22,250 x amount over x amount over + 335,000 335,000 to 10,000,000 113,900 x amount over 10,000,000 to 15,000,000 3,400,000 x amount over 15,000,000 to 18,333,333 5,150,000 x amount over Over 18,333,333 6,416,667 x amount over +

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