Compute the current year tax savings

Reference no: EM133552505

Company K operates in a jurisdiction that levies an income tax with the following rate structure.

Percentage Rate
Bracket
Income from -0-to $75,908
10
Income from $75,001 to $150,060
15
Income in excess of $150,080
Company K incurs a $33,200 deductible expense

Required:

a. Compute the current year tax savings from the deduction assuming that Company K's taxable income before considering the additional deduction is $71,200.

Reference no: EM133552505

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