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

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

Expert Solution

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"

jeff jeffy answered 6 months ago

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