The federal tax rate is paid according to the schedule

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Reference no: EM131899593

Your consulting firm earns income of $332,000 in a given year. The state tax rate is 2.5% and the federal tax rate is paid according to the following schedule (there are no other taxes). How much, in total, does the firm pay in taxes (provide your answer with $1000 precision)?

Income / Tax Rate

$1 to $50,000 / 15%

$50,001 to $75,000 / 25%

$75,001 to $100,000 / 34%

$100,001 to $335,000 / 39%

$335,001 to $10M / 34%

$10,000,001 to $15M / 35%

$15,000,001 to $18,333,333 / 38%

Over $18,333,333 / 35%

Reference no: EM131899593

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