Compute the city income tax, Accounting Basics

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Compute the city income tax

The city of Springvale imposes a net income tax on businesses operating within its jurisdiction. The tax equals 1% of income up to $100,000 and 1.5% of income in excess of $100,000. The Springvale Bar and Grill generated $782,00 net income this year. Compute its city income tax.

A. $10,230

B. $11,230

C. $11,730

D. none of these

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Accounting Basics: Compute the city income tax

Reference No:- TGS061007

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Accounting Basics: Compute the city income tax

Reference No:- TGS061007

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Recent Questions Asked Accounting Basics

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Request for Solution File

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Accounting Basics: Compute the city income tax

Reference No:- TGS061007

Recent Questions Asked Accounting Basics

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Q : Compute the city income tax

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