FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Last year, Martyn Company had $500,000 in taxable income from its operations, $50,000 in interest income, and $100,000 in dividend income. Using the corporate tax rate table given below, what was the company's tax liability for the year?

 

Taxable income:
0-50,000
50.000-75,000
75,000-100,000
100.000-335.000
335.000-10.000.000
10M-15M
15M-18.333.333
Over 18.333.333
Tax on base of bracket:
0
7500
13,750
22,250
113.900
3,400,000
5,150,000
6.416,667
% on excess above base:
15%
25
34
39
34
35
38
35
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Transcribed Image Text:Taxable income: 0-50,000 50.000-75,000 75,000-100,000 100.000-335.000 335.000-10.000.000 10M-15M 15M-18.333.333 Over 18.333.333 Tax on base of bracket: 0 7500 13,750 22,250 113.900 3,400,000 5,150,000 6.416,667 % on excess above base: 15% 25 34 39 34 35 38 35
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