porter jewelers, a sole proprietorship has a marginal tax rate of 32 percent and an average tax rate of 20.9 percent. if the fir

Question

1 year ago

11

m owes $34,330 in taxes, how much taxable income did it earn?

1 answer:

Vitek1552 [10] · Answer 1 · 2023-08-24T01:58:34+03:00

The amount of Taxable income earned equals $164,258.37.

<h3>What is a Taxable income?</h3>

It refers to any gross income earned that is used to calculate the amount of tax you owe.

Taxable income = $34,330 / .209

Taxable income = $164,258.37

Therefore, the amount of Taxable income earned equals $164,258.37.