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Jurisdiction B levies a flat 7 percent tax on the first $5 million of annual...

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Accounting

Jurisdiction B levies a flat 7 percent tax on the first $5 million of annual corporate income.

Jersey Inc. generated $3.4 million income this year. Compute Jerseys income tax and determine its average and marginal tax rate on total income.

Leray Inc. generated $8.8 million income this year. Compute Lerays income tax and determine Lerays average and marginal tax rate on total income.

What type of rate structure does Jurisdiction B use for its corporate income tax?

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