The Anberlin Co. had $155449 in 2015 taxable income. Use the tax rates from Tabl

Question

The Anberlin Co. had $155449 in 2015 taxable income. Use the tax rates from Table 2.3. Calculate the company’s 2015 income taxes. use the following table:

Taxable Income      Tax rate

$0-50,000                                15%

50,001-75,000                         25%

75,001-100,000                       34%

100,001-335,000                     39%

335,001-10,000,000                34%

10,000,001-15,000,000           35%

15,000,001-18,333,333            38%

18,333,334 +                           35%

Explanation / Answer

Tax Calculation On first $50,000 $                       7,500 =50000*15% On next $25,000 $                       6,250 =25000*25% On next $25,000 $                       8,500 =25000*34% On next $55,449 $                    21,625 =55449*39% Federal tax liability $         43,875

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