which has the highest marginal tax rate, an individual or a C corporation?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Utilizing our Federal income tax table in this chapter, at a pre-tax net income of $20,000,000, which has the highest marginal tax rate, an individual or a C corporation?
![Table 18.1 Personal income tax
Single Filer
Incomes
$0 to $9,525
$9,526 to $38,700
$38,701 to $82,500
$82,501 to $157,500
$157,501 to $200,000
$200,001 to $500,000
Over $500,000
Rate
10%
12%
22%
24%
32%
35%
37%
Married Joint Filers
Incomes
$0 to $19,050
$19,051 to $77,400
$77,401 to $165,000
$165,001 to $315,000
$315,001 to $400,000
$401,000 to $600,000
Over $600,000](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fdea37dbf-4dda-4b3a-acd6-549a0d94c41a%2F37ed4af9-4f63-4d33-944d-4d60ef82c4a7%2Fxqtcpzi_processed.png&w=3840&q=75)
Transcribed Image Text:Table 18.1 Personal income tax
Single Filer
Incomes
$0 to $9,525
$9,526 to $38,700
$38,701 to $82,500
$82,501 to $157,500
$157,501 to $200,000
$200,001 to $500,000
Over $500,000
Rate
10%
12%
22%
24%
32%
35%
37%
Married Joint Filers
Incomes
$0 to $19,050
$19,051 to $77,400
$77,401 to $165,000
$165,001 to $315,000
$315,001 to $400,000
$401,000 to $600,000
Over $600,000
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