Your consulting firm earns income of $334,000 in a given year. The state tax rate is...

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Your consulting firm earns income of $334,000 in a given year. The state tax rate is 2.2% and the federal tax rate is paid according to the following schedule (there are no other taxes). How much, in total, does the firm pay in taxes? Margin of error $1,000 Income Tax Rate $1 to $50,000 15% $50,001 to $75,000 25% $75,001 to $100,000 34% $100,001 to $335,000 39% $335,001 to $10M 34% $10,000,001 to $15M 35% $15,000,001 to $18,333,333 38% Over $18,333,333 35% Your consulting firm earns income of $334,000 in a given year. The state tax rate is 2.2% and the federal tax rate is paid according to the following schedule (there are no other taxes). How much, in total, does the firm pay in taxes? Margin of error $1,000 Income Tax Rate $1 to $50,000 15% $50,001 to $75,000 25% $75,001 to $100,000 34% $100,001 to $335,000 39% $335,001 to $10M 34% $10,000,001 to $15M 35% $15,000,001 to $18,333,333 38% Over $18,333,333 35%

Answer rating: 100% (QA)

To calculate the total taxes paid by the consulting firm we first need to determine the in... View the full answer