Check my work Refer to the corporate rate schedule in Appendix C o. What are the

Question

Check my work Refer to the corporate rate schedule in Appendix C o. What are the tax lability, the marginal tax rate, and the average tax rate for a corporation with $48.300 taxable income? b. What are the tax liability. the marginal tax rate, and the average tax rate for a corporation with $615.800 taxable nts Skippeaincome? e. What are the tax liability, the marginal tax rate, and the average tax rate for a corporation with $16.010.000 taxable income? d. What are the tax liability, the marginal tax rate, and the average tax rate for a corporation with $39.253,000 eBook Print References taxable income? Complete this question by entering your answers in the tabs below Required A Required B Required C Required D What are the tax liability, the marginal tax rate, and the average tax rate for a corporation with $48,300 taxable income? Tax liability Marginal tax rate Average tax rate Required B > O Type here to search

Explanation / Answer

Answer a. Taxable Income = $48,300 Tax Payable = $48,300 X 15% Tax Payable = $7,245 Average Tax Rate = $7,245 / $48,300 Average Tax Rate = 15% Marginal Tax Rate (Slab Rate) = 15% Answer b. Taxable Income = $615,800 Tax Payable = $113,900 + 34% X ($615,800 - $335,000) Tax Payable = $113,900 + $95,472 Tax Payable = $209,372 Average Tax Rate = $209,372 / $615,800 Average Tax Rate = 34% Marginal Tax Rate (Slab Rate) = 34% Answer c. Taxable Income = $16,010,000 Tax Payable = $5,150,000 + 38% X ($16,010,000 - $5,150,000) Tax Payable = $5,533,800 Average Tax Rate = $5,533,800 / $16,010,000 Average Tax Rate = 34.57% (Approx.) Marginal Tax Rate (Slab Rate) = 38% Answer d. Taxable Income = $39,253,000 Tax Payable = $39,253,000 X 35% Tax Payable = $13,738,550 Average Tax Rate = $13,738,550 / $39,253,000 Average Tax Rate = 35% Marginal Tax Rate (Slab Rate) = 35%

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