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Question
For 2017, Nevada Mining had projected taxable income of $94,800. Its actual taxable income exceeded this projection by $21,000. How much additional tax did the firm owe due to the $21,000 increase in taxable income?
| Taxable Income | Tax Rate | |||||||||
| $ | 0 | - | 50,000 | 15 | % | |||||
| 50,001 | - | 75,000 | 25 | |||||||
| 75,001 | - | 100,000 | 34 | |||||||
| 100,001 | - | 335,000 | 39 | |||||||
A) $7,930
B) $8,036
C) $8,150
D) $7,682
E) $8,197
Answer
This answer is hidden. It contains 104 characters.
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