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    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

    © BrainMass Inc. brainmass.com June 3, 2020, 9:51 pm ad1c9bdddf
    https://brainmass.com/business/accounting/taxation-calculate-taxable-income-two-scenarios-202709

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    Tax Rate till $100,000 taxable income is 34%, and current taxable income is 79,000
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    Solution Summary

    The expert calculates the taxable income in two scenarios.

    $2.19

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