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https://www.thebalance.com/corporate-tax-rates-and-tax-calculation-397647

Complete the problems below for this assignment. Scan your solutions, attach your solutions to this activity, and submit. Margin Tax Rate Problems: 1) Using the Corporate Tax Bracket link provided ...... If a corporation made $871,000 in 2017 how much would be owed in Federal Taxes? 2) Using the individual tax bracket link provided .... If a single, individual made $95,000 in 2017, how much would be owed in Federal Taxes? 3) Using the individual tax bracket link provided ... If a married couple (and filed jointly) made $127,000 in 2017, how much would be owed in Federal Taxes? 4) Using the individual tax bracket link provided .... If a single, individual made $23,000 in 2017, how much would be owed in Federal Taxes? 5) Using the corporate tax bracket link provided ..... If a corporation made $1,200,065 in 2017, how much would be owed in Federal Taxes? 6) For each of the 5 scenarios above what is the TOTAL average tax rate for each scenario (ie Amount Taxed/Total Money Made x 100%)

Explanation / Answer

Sr. No Person Annual Income Remarks Federal Tax Avregae Tax Rate (Amount Taxed/Total Money Made x 100%) Itemized Deduction Exemption 1 Corporation $871,000 Income is between 335,000 & 10,000,000. Tax is 113,900 + 34% of ($871,000 - $335,000)                      296,140 34% 2 Individual - Single $95,000 Tax will be calculated at slab rates. $9,325*10%+(37,950-9,325)*15%+(91900-37950)*25%+(95000-91900)*28%                        19,582 21% Single or Married filing separately, $6,300 $4,050 multiplies by numbers of exemptions claimed on line 6d 3 Individual - Married Couple - Jointly $127,000 Tax will be calculated at slab rates. $18,650*10%+(75,900-18,650)*15%+(127,000-75900)*25%                        23,228 18% Married filing jointly $12,600 $4,050 multiplies by numbers of exemptions claimed on line 6d 4 Individual - Single $23,000 Tax will be calculated at slab rates. $9,325*10%+(23,000-9,325)*15%                          2,984 13% Single or Married filing separately, $6,300 $4,050 multiplies by numbers of exemptions claimed on line 6d 5 Corporation $1,200,065 Income is between 10,000,000 & 15,000,000. Tax is 3,400,000 + 35% of ($871,000 - $335,000)                      320,023 27%

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