Taxation: calculate taxable income in two scenarios
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The tax rates are as shown. Your firm currently has taxable income of $79,400. How much additional tax will you owe if you increase your taxable income by $21,000?
Taxable Income
Tax Rate
$ 0 - 50,000
15%
50,001 - 75,000
25%
75,001 - 100,000
34%
100,001 - 335,000
39%
$7,004
$7,014
$7,140
$7,160
$7,174
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Solution Summary
The expert calculates the taxable income in two scenarios.
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Tax Rate till $100,000 taxable income is 34%, and current taxable income is 79,000
Additional ...
Education
- BE, Bangalore University, India
- MS, University of Wisconsin-Madison
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