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

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Accounting

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

  1. Jersey Inc. generated $3.4 million income this year. Compute Jerseys income tax and determine its average and marginal tax rate on total income. (Enter income tax answer in dollars not in millions of dollars.)
  2. Leray Inc. generated $8.8 million income this year. Compute Lerays income tax and determine Lerays average and marginal tax rate on total income.
  3. What type of rate structure does Jurisdiction B use for its corporate income tax?

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