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mash [69]
1 year ago
5

Paddle fans & more has a marginal tax rate of 34 percent and an average tax rate of 23.7 percent. if the firm earns $138,500

in taxable income, how much will it owe in taxes?
Business
1 answer:
muminat1 year ago
7 0

With a marginal tax rate of 34 percent and an average tax rate of 23.7 percent, Paddle lovers & more will owing $ 32824.50 in taxes. if the company generates $138,500 in taxable revenue.

The effective tax rate at which the company pays its portion of the income as taxes is referred to as the average tax. In addition, the marginal rate of tax is the highest slab of tax applied to the firm's final dollar of income. In the example at hand, based on the taxable income, Paddle Fams & More is required to pay the tax as follows:

$ 138500 * 23.7% = $ 32824.50

The marginal tax rate is the amount of tax you pay for every dollar of increased income. In the US, as income rises, so does the individual federal marginal tax rate. This taxation strategy, known as progressive taxation, tries to tax people in accordance with their income, with low-income earners paying less in taxes than high-income earners.

The rate that is applied to the taxpayer's taxable income under a marginal tax rate is often determined by grouping taxpayers into tax bands or ranges. The final dollar of income is taxed at a greater rate than the first dollar as income rises. To put it another way, the first dollar earned will be taxed at the lowest possible rate.

Learn more about marginal tax rate here

brainly.com/question/4406892

#SPJ4

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