02财务报表与竞争优势选读.ppt

2.7 税 边际税率与平均税率 边际税率 – 多赚的下一美元中，将以税支付出去的百分比 平均税率 – 应纳税额 / 应税所得 美国适用的公司税税率 应税所得（美元） 税率（%） 0~50 000 15 50 001~75 000 25 75 001~100 000 34 100 001~335 000 39 335 001~10 000 000 34 10 000 001~15 000 000 35 15 000 001~18 333 333 38 18 333 334+ 35 为何美国的公司税税率不是严格递增的？ 你可以计算一下， 在收入335001间， 平均税率正好是34%，而上， 平均税率就是35%，所以美国累进税率的 安排正好是让所得税按收入增加而 递增的。税率维持在15%~35%之间 假如公司的应税所得是 200 000美金，则公司的应纳 税额为多少？平均税率和 边际税率为多少？ 0.15*50 000=7 500 0.25*（75 000-50 000）=6 250 0.34*（100 000-75 000）=8 500 0.39*（200 000-100 000）=39 000 ========== 应纳税额 61 250美金 平均税率=61 250/200 000=30.652% 边际税率：39% * * * * Note that Slides 4 through 7 from Chapter 1 could be reused here to emphasize the general structure of the balance sheet. The left-hand side of the balance sheet lists the assets of the firm. Current assets are listed first because they are the most liquid. Fixed assets can include both tangible and intangible assets, and they are listed at the bottom because they generally are not very liquid. These are a direct result of management’s investment decisions. (Please emphasize that “investment decisions” are not limited to investments in financial assets.) Note that the balance sheet does not list some very valuable assets, such as the people who work for the firm.The liabilities and equity (or ownership) components of the firm are listed on the right-hand side. This indicates how the assets are paid for. Since the balance sheet has to balance, total equity = total assets – total liabilities. The portion of equity that can most easily fluctuate to create this balance is retained earnings. The right-hand side of the balance sheet is a direct result of management’s financing decisions. Remember that shareholders’ equity consists of several components, and that total equity includes all of these components not just the “common stock” item. In particular, remind students that retained earnings belong to the shareholders