Basics of Engineering Economy 1st Edition by Leland Blank,Anthony Tarquin

تمرين 4

Last year, Marylynn opened Baron's Appliance Sales and Service.Her tax accountant provided the year's results.
Gross income = $20,000
Business expenses = $49,000
MACRS depreciation = $5,000
Average federal tax rate = 18.5%
Average state tax rate = 6%
City and country flat tax rates combined = 4.5%
Marylynn wants to know the following.Determine them for her.
a.Taxable income.
b.Exact amount of federal income taxes.
c.Percent of the gross income taken by income taxes-federal, state, and local.