Use the following tax table to answer this question: The Holiday Inn earned $177,284 in taxable income for the year.How much tax does the company owe on this income?

Name: Use the following tax table to answer this question: The Holiday Inn earned $177,284 in taxable income for the year.How much tax does the company owe on this income?
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Question

Use the following tax table to answer this question:  The Holiday Inn earned $177,284 in taxable income for the year.How much tax does the company owe on this income?

Quizplus · Accepted Answer

Total tax = ($50,000)(0.15) + ($25,000)(0.25) + ($25,000)(0.34) + ($177,284 - $100,000)(0.39) = $52,390.76

Use the Following Tax Table to Answer This Question