The tax rates are as shown below: Taxable Income $0-50,000 50,00175,000 75,001 100,000 100,001 335,000 Tax Rate 158 25% 34% 398 Your firm currently has taxable income of $81,500. How much additional tax will you owe if you increase your taxable income by $22,700?

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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The tax rates are as shown below:
Taxable Income
$0-50,000
50,00175,000
75,001 100,000
100,001 335,000
Tax Rate
158
25%
34%
39%
Your firm currently has taxable income of $81,500. How much additional tax will you owe if you increase your taxable income by $22,700?
Transcribed Image Text:The tax rates are as shown below: Taxable Income $0-50,000 50,00175,000 75,001 100,000 100,001 335,000 Tax Rate 158 25% 34% 39% Your firm currently has taxable income of $81,500. How much additional tax will you owe if you increase your taxable income by $22,700?
Multiple Choice
о
O
$7,548
$7,928
$7,718
$7,538
$8,853
Transcribed Image Text:Multiple Choice о O $7,548 $7,928 $7,718 $7,538 $8,853
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