Before paying employee bonuses and state and federal taxes, a company earns profits of $60,000. The company
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Before paying employee bonuses and state and federal taxes, a company earns profits of $60,000. The company pays employees a bonus equal to 5 percent of after-tax profits. State tax is 5 percent of profits (after bonuses are paid). Federal tax is 40 percent of profits (after bonuses and state tax are paid). Calculate the amount paid in bonuses, state tax, and federal tax.
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Related Book For
Microsoft Excel Data Analysis And Business Modeling
ISBN: 9780137613663
7th Edition
Authors: Wayne Winston
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