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Compute jersey income tax

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Reference no: EM133169360

Question - Jurisdiction B levies a flat 7 percent tax on the first $5 million of annual corporate income.

Required -

1. Jersey Inc. generated $3.9 million income this year. Compute Jersey's income tax and determine its average and marginal tax rate on total income.

2. Leray Inc. generated $9.6 million income this year. Compute Leray's income tax and determine Leray's average and marginal tax rate on total income.

3. What type of rate structure does Jurisdiction B use for its corporate income tax?

Reference no: EM133169360

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