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?

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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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?
Transcribed Image Text: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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