Marginal tax rates Using the tax rate schedule given here, perform the following:a. Find the marginal tax rate for the following levels of sole proprietorship earnings before taxes: $14,700; $59,500;$89,600; $156,000; $247,000; $456,600; and $1 million.b. Plot the marginal tax rates (measured on the y-axis) against the pretax income levels (measured on the x-axis). (Click the icon here in order to copy the contents of the data table below into a spreadsheet.)Tax Rates ScheduleBase taxRange of taxable income$0 to9,876 to40,126 to85,526 to163,301 to207,351 to518,401 to$9,87540,12585,525163,300207,350518,400Unlimited+$0 + (10%988 + (12%+ (22%(24%(32%(35%(37%4,61814,606 +33,272 +47,368 +156,235 +(Marginal rate x amount over base bracket)x amount overx amount overx amount overx amount overx amount overx amount overx amount over$0)$9,875)40,125)85,525)163,300)207,350)518,400)

The marginal tax rate is the percentage of tax applied to an additional dollar of income. It is the…

Marginal tax rates Using the tax rate schedule given here i, perform the following: a. Find the marginal tax rate for the following levels of sole proprietorship earnings before taxes: $14,700; $59,500; $89,600; $156,000; $247,000; $456,600; and $1 million. b. Plot the marginal tax rates (measured on the y-axis) against the pretax income levels (measured on the x-axis).

Marginal tax rates Using the tax rate schedule given here i, perform the following: a. Find the marginal tax rate for the following levels of sole proprietorship earnings before taxes: $14,700; $59,500; $89,600; $156,000; $247,000; $456,600; and $1 million. b. Plot the marginal tax rates (measured on the y-axis) against the pretax income levels (measured on the x-axis).

Managerial Accounting: The Cornerstone of Business Decision-Making

7th Edition

ISBN:9781337115773

Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Chapter15: Financial Statement Analysis

Section: Chapter Questions

Problem 32BEB

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