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If the tax rate is 21 percent in 2020. Your firm currently has taxable income of $81,200. How much additional tax will you owe if you increase your taxable income by $22,400

Respuesta :

The additional tax I would owe when my taxable income increases by $22,40 is $4,704.

A tax is a compulsory amount levied by the government or an agency of the government on goods and services.

Types of tax

  1. Income tax
  2. Sales tax
  3. Excise tax

Additional tax = tax rate x additional income

21% x $22,400

0.21 x $22,400 = $4,704

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