The tax liability of a sole proprietorship with ordinary income of $105,000 is closest to ________. Range of taxable income Marginal rate $ 0 to $ 9,525 10% 9,525 to 38,700 12 38,700 to 82,500 22 82,500 to 157,500 24

The tax liability of a sole proprietorship with ordinary income of $105,000 is closest to ________. Range of taxable income Marginal rate $ 0 to $ 9,525 10% 9,525 to 38,700 12 38,700 to 82,500 22 82,500 to 157,500 24

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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Question

The tax liability of a sole proprietorship with ordinary income of $105,000 is closest to ________.

Range of taxable income Marginal rate

$ 0 to $ 9,525 10%

9,525 to 38,700 12

38,700 to 82,500 22

82,500 to 157,500 24

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