Using the corporate tax rates. Calculate the tax liability, after-tax earnings,
ID: 2727967 • Letter: U
Question
Using the corporate tax rates. Calculate the tax liability, after-tax earnings, and average tax rates for the following levels od corporate earnings before taxes:$10300; 78,400; 304,000;504,000; 1.3 million; 9.9 million; 20.5 million
$0 to
$50,000
$0
+
(15%
amount over
$0)
50,000 to
75,000
7,500
+
(25%
amount over
50,000)
75,000 to
100,000
13,750
+
(34%
amount over
75,000)
100,000 to
335,000
22,250
+
(39%
amount over
100,000)
335,000 to
10,000,000
113,900
+
(34%
amount over
335,000)
10,000,000 to
15,000,000
3,400,000
+
(35%
amount over
10,000,000)
15,000,000 to
18,333,333
5,150,000
+
(38%
amount over
15,000,000)
Over 18,333,333
6,416,667
+
(35%
amount over
18,333,333)
$0 to
$50,000
$0
+
(15%
amount over
$0)
50,000 to
75,000
7,500
+
(25%
amount over
50,000)
75,000 to
100,000
13,750
+
(34%
amount over
75,000)
100,000 to
335,000
22,250
+
(39%
amount over
100,000)
335,000 to
10,000,000
113,900
+
(34%
amount over
335,000)
10,000,000 to
15,000,000
3,400,000
+
(35%
amount over
10,000,000)
15,000,000 to
18,333,333
5,150,000
+
(38%
amount over
15,000,000)
Over 18,333,333
6,416,667
+
(35%
amount over
18,333,333)
Explanation / Answer
Calculation Tax Liability$ After tax earning $ Average tax rate % 10300 10300*15% 1545 8755 15% 78400 13750+ 3400*34% 14906 63494 19.01% 304000 22250 +204000*39% 101810 202190 33.49% 504000 113900 + 169000*34% 171360 332640 34% 1.3 M 113900 + 965000*35% 451650 848350 34.74% 9.9 M 113900 + 9565000*34% 3366000 6534000 34% 20.5 m 6416667 + 2166667*35% 7175000.45 13324999.55 35%
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