Percy Company purchased 80% of the outstanding voting shares of Song Company at the beginning of 2014 for $406,000. At the time
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Answer:
Given that,
Taxable income = $75,000
Interest from an investment = $10,000
Using the U.S tax rate schedule in 2017
(a) Federal tax will he owe = $5,226.25 + 25% × ($75,000 - $37,950)
= $5,226.25 + $9262.5
= $14,488.75
(b)
= 19.32%.
(c)
= 17.05%
(d) Chuck is currently in the 25 percent tax rate bracket.
His marginal tax rate on increases in income up to $16,900 and deductions from income up to $37,050 is 25 percent.