14 100oints The SGS Co had 131000 in taxable income Use the

14. 100oints The SGS Co had $131,000 in taxable income Use the rates from Table 2.3. (Do not

Solution

Taxable income over $ 100,000 but not over $ 335,000

The tax = $ 22,250 + 39% of the amount over $ 100,000

Income taxes =  $ 22,250 + 0.39 * ( $ 131,000 - $ 100,000)

Income taxes = $ 34,340