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02-06-2023
Business

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Nevada Mining currently has a taxable income of $160,000. The tax rates are as follows: 10% from $0 to $9,875; 12% from $9,875 to $40,125; 22% from $40,125 to $85,525; 24% from $85,525 to $163,300; 32% from $163,300 to $207,350; 35% from $207,350 to $518,400; and 37% from $518,400 +. Assume that the firm's taxable income increases by $21,000.
How much additional tax amount will the firm owe?

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