A firm has a stock price of $68.00 per share. The firm's earnings are $85 million, and the firm has 20 million shares outstandin
1 answer:
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Answer: $18,079.50
Explanation:
The tax is to be paid on the $100,000 alone as the $10,000 is municipal interest and is therefore tax exempt.
Taxes on the $100,000 in 2020;
= 14,605.50 + ( 24% of any amount above 85,525)
= 14,605.50 + ( 24% * ( 100,000 - 85,525))
= $18,079.50
