Answered: Jose made $20,000 in taxable income…

Jose made $20,000 in taxable income last year. Suppose the income tax rate is 10% for the first $7000 plus 15% for the amount over $7000. How much must Jose pay in income tax for last year?

SWFT Corp Partner Estates Trusts

42nd Edition

ISBN:9780357161548

Author:Raabe

Publisher:Raabe

Chapter5: Corporations: Earnings & Profits And Dividend Distributions

Section: Chapter Questions

Problem 29P

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Concept explainers

Fringe Benefit Tax

Fringe benefits are in addition to the compensation that companies give to their employees. It is an additional benefit above the stated salary. It helps to keep the employees of the firm motivated as sometimes the only salary is not enough to retain the quality employees of the firm. There are different types of fringe benefits. Fringe benefits are given in both private as well as public enterprises.

Question

v 18
Jose made $20,000 in taxable income last year.
Suppose the income tax rate is 10% for the first $7000 plus 15% for the amount over $7000.
How much must Jose pay in income tax for last year?
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