Question

The SGS Co. had $215,000 in taxable income.

Calculate the company's income taxes.

$0-50,000 15%
$50,001-75,000 25
$75001-100,000 34
$100,001-335,000 39
$335,001-10,000,000 34
$10,000,001-15,000,000 35
$15,000,001-18,333,334 38
$18,333,334+ 35

Answer 1

The income taxes for SGS Co. with a taxable income of $215,000 would be $83,850.

Step-by-step explanation:

To calculate the income taxes for SGS Co., we need to determine which income tax bracket the taxable income of $215,000 falls into. According to the provided rate structure, the income tax rate for taxable income between $100,001 and $335,000 is 39%. Therefore, the income taxes for SGS Co. would be:

$215,000 * 0.39 = $83,850.

Therefore, the company's income taxes would be $83,850.