The tax rates are as shown below: Taxable Income $0 - 50,000 50,001 - 75,000 75,001 100,000 100,001 - 335,000 Tax Rate 15% 25% 34% 39% Your firm currently has taxable income of $81,400. How much additional tax will you owe if you increase your taxable income by $22,600?
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- If we add to our problem that Builtrite also had $20,000 in interest expense and that they were in the 39% income tax bracket, how much would this interest expense cost Builtrite after taxes? $12,200 $7,800 $3,900 $20,000(Corporate income tax) Meyer Inc. has taxable income (earnings before taxes) of $284,000. Calculate Meyer's federal income tax liability using the tax table shown in the popup window: Taxable Income Marginal 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% Over $18,333,333 35% . What are the firm's average and marginal tax rates? The firm's tax liability for the year isPaul makes $75,000. 0% on income from $0 - $12,000 10% on income from $12,000 - $24,000 25% on income from $24,000 - $65,000 35% on income from $65,000 + What is Paul's effective tax rate? $14,950 19.9% 35% 25%
- Let's assume you live in a country with a progressive tax system that has the following tax brackets: • 0% on income up to $10,000 • 10% on income between $10,001 and $50,000 • 20% on income between $50,001 and $100,000 • 30% on income above $100,000 Suppose your annual income is $75,000. How much tax do you pay? a. $10,000 b. C. d. $7500 $8500 $9000Use the net FUTA tax rate of 0.6% on the first $7,000 of taxable wages. Queno Company had FUTA taxable wages of $510,900 during the year. Determine its: (Round your answers to two decimal places.) a. gross FUTA tax $fill in the blank 1.b. FUTA tax credits (assuming no penalties) $fill in the blank 2.c. net FUTA tax $fill in the blank 3.In 2010, Garner Grocers had taxable income of -$2,000,000. The corporate tax rate is 25%. Assume that the company takes full advantage of the Tax Code’s carry-forward provision. In 2021, Garner has taxable income of $1,000,000. What is the amount of taxes the company paid in 2021? a. $20,000 b. $8,000 c. $0 d. $90,000 e. $586,500
- In 2020, Garner Grocers had taxable income of -$2,000,000. The corporate tax rate is 25%. Assume that the company takes full advantage of the Tax Code's carry-forward provision. In 2021, Garner has taxable income of $1,000,000. What is the amount of taxes the company paid in 2021? O a. $500,000 Ob. $750,000 O c. $1,500,000 O d. $0 O e. $250,000a calendar-year C Corporation, is considering investing in a business expenditure with a cost of $10,000. If $8,000 of the cost of the expenditure can be used as a tax credit rather than a tax deduction of $10,000 and the marginal tax rate is 21%, how much additional tax savings would the expenditure generate as a result of the tax credit relative to the tax deduction? a. $2,000 b. $8,000 c. $5,900 d. $2,100In 2020, Appalachian Airlines had taxable income of -$3,000,000. In 2021, the company has taxable income of $5,000,000 and its corporate tax rate is 25%. Assume that the company takes full advantage of the Tax Code's carry-forward provision. How much will the company pay in taxes in 2021? O a. $1,500,000 O b. $750,000 O c. $0 O d. $1,250,000 Oe. $500,000
- Suppose that the income tax law exempts income of less than $8000 from the tax, taxes income between $8000 and $20,000 at a 25% rate, and taxes income greater than $20,000 at a 30% rate. Find the average tax rate and the marginal tax rate for someone earning $16,000 and for someone earning $30,000. The tax law is change so that income of less than $6000 is untaxed, income from $6000 to $20,000 is taxed at 20%,In 2020, Garner Grocers had taxable income of -$2,000,000. The corporate tax rate is 25%. Assume that the company takes full advantage of the Tax Code's carry-forward provision. In 2021, Garner has taxable income of $1,000,000. What is the amount of taxes the company paid in 2021? a. $500,000 b. $0 c. $250,000 d. $1,500,000 e. $750,000If the tax rates are 15% on the first $50,000 of taxable income, and 20% on the next $25,000, and 25% on the next $25,000, what is the tax liability for an individual with $80,000 of taxable income, what is the marginal tax rate, and what is the average tax rate ? a. $10,250, 15%, and 20% b. $25,122, 22%, and 16% c. $11,345, 15%, and 34% d. $13,750, 25%, and 17.19%