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As of 2015, ranches were taxed at 13 percent for income up to $42,000; at 20...

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Finance

As of 2015, ranches were taxed at 13 percent for income up to$42,000; at 20 percent for income ranging from $42,000 to $71,000;at 26 percent for taxable income $71,000 to $98,000; at 42 percentfor income from $98,000 to $112,000, and so on. Suppose that youhave revenues of $172,800 and operating expense of $69,500. (i)What is the amount of the taxable income? a. $242,300 b. $76,442 c.$103,300 d. $172,800 e. None of the answers are correct EnterResponse Here: (ii) How much tax is paid on the first $42,000 ofthe taxable income? a. $5,460 b. $2,226 c. $5,800 d. $7,020 e. Noneof the answers are correct. Enter Response Here: (iii) How much taxis paid on the first $71,000 of the taxable income? a. $5,800 b.$14,200 c. $11,260 d. $9,230 e. None of the answers are correctEnter Response Here: (iv) How much tax is paid on the total taxableincome? a.$127,800 b. $20,506 c. $69,500 d. $2,226 e. None of theanswers are correct Enter Response Here: (v) What is the averagetax rate? a. 26.83% b. 8.46% c. 10.58% d. 19.85% e. None of theanswers are correct Enter Response Here: (vi) What is the marginaltax rate? a. $13% b. 20% c. 26% d. 42% e. None of the answers arecorrect Enter Response Here: The answers will not be none of theabove

Answer & Explanation Solved by verified expert
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Answer i Correct answer is c 103300 Explanation Taxable Income Revenues Operating expense 172800 69500 103300 Taxable Income 103300 Hence option c is correct and other options a bd and e are incorrect Answer ii Correct answer is a    See Answer
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