Multiple Choice
Lincoln Corporation provides an incentive compensation plan under which its president is to receive a bonus equal to 15 percent of Lincoln's income in excess of $150,000 before deducting income tax but after deducting bonus.If income before income tax and bonus is $320,000 and the effective tax rate is 40 percent,the amount of the bonus should be
A) $22,174
B) $24,174
C) $34,000
D) $46,000
Correct Answer:
Verified
Correct Answer:
Verified
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