公司理财(第二章).pptVIP

Marginal tax rate – Additional taxes owed per dollar of additional income. Average tax rate – Total taxes owed divided by total income. * These tax rates refer to ordinary income (i.e. salary, wages, and interest earnings) Note: capital gains are taxed only when gains are realized, at a rate of 15% for most shareholders. * * 3-* Corporate Taxes In the United States, corporations pay tax on their income. US Corporate Tax Rates, 2011 3-* Corporate Taxes: Example What is the marginal tax rate for a corporation with $60,000 taxable income and an average tax rate of 16.67% if the next-lowest marginal tax rate of 15% covers taxable incomes up to $50,000? ($60,000) * (16.67%) = $10,000 total taxes paid Income Rate Taxes Paid $0 - $50,000 15% $7,500 $50,001 - $60,000 ? $2,500 Total: $10,000 ($10,000) * (marginal tax rate) = $2,500 Marginal Tax Rate = 25% 3-* Personal Tax US Personal Tax Rates, 2011 3-* Personal Tax: Example What is the average tax rate for an individual with a net income of $50,000 and a total tax liability of $10,704.50? ( Taxable Income = Total Income; Total Tax Liability = Tax Bill ) 3-* The Problem of “Double Taxation” When a corporation issues a dividend, each dividend dollar is effectively taxed twice: Each dollar of earnings taxed at corporate rate. Shareholders pay personal income taxes on all dividends received. Accounting Finance After studying Chapter 3, you must understand: 1. Common - size balance sheet vs. common-siae income statement 2. Book value vs. market value 3. Profit flow vs. cash flow 4. Marginal tax rate vs. average tax rate 3-* Chapter 3 Learning Objectives Interpret the information contained in the balance sheet, income statement, and statement of cash flows. Distinguish between market and book values. Explain why income differs from cash flow. Understand the essential features of the taxation of corporate and personal income. * Chapter 3 Outline The Balance Sheet Assets Liabilities Book values vs. market value