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A firm has taxable income of $150,000. What would be it's tax payable? Use the table...

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Finance

A firm has taxable income of $150,000. What would be it's taxpayable? Use the table below and show your calculation.

Taxable income Tax Rate Tax Computation

$0-50,000 15% 0.15 (income over 50)

50,000-75,000 25% 7500+0.25 (income over 50,000)

75,000-100,000 34% 13750+0.34 (income over 75000)

100,000-335,000 39% 22250+0.39 (income over 100,000)

Answer & Explanation Solved by verified expert
3.7 Ratings (628 Votes)

Slab ($) Taxable Income ($) Tax Rate   Tax Payable ($)
[Taxable Income x Tax Rate]
0 - 50,000                    50,000.00 15%                                           7,500
50,000 - 75,000                    25,000.00 25%                                           6,250
75,000 - 100,000                    25,000.00 34%                                           8,500
100,000 - 150,000                    50,000.00 39%                                         19,500
TOTAL                                        41,750

"Hence, the total tax payable would be $41,750"
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Transcribed Image Text

A firm has taxable income of $150,000. What would be it's taxpayable? Use the table below and show your calculation.Taxable income Tax Rate Tax Computation$0-50,000 15% 0.15 (income over 50)50,000-75,000 25% 7500+0.25 (income over 50,000)75,000-100,000 34% 13750+0.34 (income over 75000)100,000-335,000 39% 22250+0.39 (income over 100,000)

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