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Business, 18.04.2020 04:11 tylerbesson1

A company wants to set up their headquarters in Spain where the corporate tax rates are as follows: 11% of first $40,000 profits, 22% of next $26,000, 39% of next $29,000, and 42% of everything over $110,000. Consultants estimate that they will have gross revenues of $350,000, total costs of $100,000, and $10,000 in allowable tax deductions. What is taxable income for the first year and how much should the company expect to pay in taxes?

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