1. The tax rates are as shown.
Taxable Income Tax Rate
$0 – 50,000 15%
50,001 – 75,000 25%
75,001 – 100,000 34%
100,001 – 335,000 39%
Your firm currently has taxable income of $81,100. How much additional tax will you owe if you increase your taxable income by $22,300?
$7,582
$7,372
$7,752
$8,697
$7,362
2. A fully amortizing mortgage CPM loan is made for $100,000 at 12% interest for 30 years. Payments are to be made monthly. What would the breakdown of interest and principal be during month 20? (Choose the nearest value)
a. 1010; 19
b. 994.; 35
c. 998; 31
d. 1029; 115