Homework:Unit 2 Lab Assignment

Question 8, P3-7 (similar to)

Part 1 of 3

HW Score: 20%, 4 of 20 points

Points: 0 of 2

Save

Question content area top

Part 1

(Corporate income tax)Sales for J. P. Hulett Inc. during the past year amounted to

$3.9

million. Gross profits totaled

$1.07

million, and operating and depreciation expenses were

$494,000

and

$356,000,

respectively. Dividend income for the year was

$13,000,

which was paid by a firm in which Hulett owns

85

percent of the shares. Use the corporate tax rates shown in the popup window,

LOADING...

, to Comcute the corporation's tax liability. What are the firm's average and marginal tax rates?

Question content area bottom

Part 1

The firm's tax liability for the year is

$enter your response here.

(Round to the nearest dollar.)

Taxable Income	Marginal Tax Rate
$0$50,000	15%
$50,001$75,000	25%
$75,001$100,000	34%
$100,001$335,000	39%
$335,001$10,000,000	34%
$10,000,001$15,000,000	35%
$15,000,001$18,333,333	38%
Over $18,333,333	35%

(Click

on the icon

in order to copy its contents into a

spreadsheet.)

pop-up content ends

PrintDone