The 2023 Phoenix Suns have the following salary totals: Total cap salaries: $198,077,355 (this includes dead cap and cap holds) Active player salaries: $188,414,699 Using the data above, what is the Phoenix Sun's effective cap space? Note: do not include the $ sign. If they are over the cap, enter the number as a negative. Team salary above tax level Non-repeater Repeater Lower Upper Tax rate Incremental maximum Tax rate $0 $4,999,999 $1.50 $7.5 million $2.50 $12.5 million $5,000,000 $9,999,999 $1.75 $8.75 million $2.75 Incremental maximum $13.75 million $10,000,000 $14,999,999 $2.50 $12.5 million $3.50 $17.5 million $15,000,000 $19,999,999 $3.25 $16.25 million $4.25 $21.25 million $20,000,000 N/A $3.75, and increasing $.50 for each additional $5 million. N/A $4.75, and increasing $.50 for each additional $5 million. N/A 2023 Salary Cap $136,021,000.00 2023 Luxury Tax Threshold $165,294,000.00 2023 Apron1 $172,346,000.00 2023 Apron2 $182,500,000.00
The 2023 Phoenix Suns have the following salary totals: Total cap salaries: $198,077,355 (this includes dead cap and cap holds) Active player salaries: $188,414,699 Using the data above, what is the Phoenix Sun's effective cap space? Note: do not include the $ sign. If they are over the cap, enter the number as a negative. Team salary above tax level Non-repeater Repeater Lower Upper Tax rate Incremental maximum Tax rate $0 $4,999,999 $1.50 $7.5 million $2.50 $12.5 million $5,000,000 $9,999,999 $1.75 $8.75 million $2.75 Incremental maximum $13.75 million $10,000,000 $14,999,999 $2.50 $12.5 million $3.50 $17.5 million $15,000,000 $19,999,999 $3.25 $16.25 million $4.25 $21.25 million $20,000,000 N/A $3.75, and increasing $.50 for each additional $5 million. N/A $4.75, and increasing $.50 for each additional $5 million. N/A 2023 Salary Cap $136,021,000.00 2023 Luxury Tax Threshold $165,294,000.00 2023 Apron1 $172,346,000.00 2023 Apron2 $182,500,000.00
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
![The 2023 Phoenix Suns have the following salary totals:
Total cap salaries: $198,077,355 (this includes dead cap and cap holds)
Active player salaries: $188,414,699
Using the data above, what is the Phoenix Sun's effective cap space?
Note: do not include the $ sign. If they are over the cap, enter the number as a negative.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fcb04a0b5-9adf-4f05-b09e-0027ad0b3702%2F7e464865-f624-4135-b04d-e3375f2f9b66%2Fwaflxrb_processed.jpeg&w=3840&q=75)
Transcribed Image Text:The 2023 Phoenix Suns have the following salary totals:
Total cap salaries: $198,077,355 (this includes dead cap and cap holds)
Active player salaries: $188,414,699
Using the data above, what is the Phoenix Sun's effective cap space?
Note: do not include the $ sign. If they are over the cap, enter the number as a negative.
![Team salary above tax level
Non-repeater
Repeater
Lower
Upper
Tax rate
Incremental maximum Tax rate
$0
$4,999,999
$1.50
$7.5 million
$2.50
$12.5 million
$5,000,000
$9,999,999
$1.75
$8.75 million
$2.75
Incremental maximum
$13.75 million
$10,000,000
$14,999,999 $2.50
$12.5 million
$3.50
$17.5 million
$15,000,000
$19,999,999
$3.25
$16.25 million
$4.25
$21.25 million
$20,000,000
N/A
$3.75, and increasing $.50 for
each additional $5 million.
N/A
$4.75, and increasing $.50 for
each additional $5 million.
N/A
2023 Salary Cap
$136,021,000.00
2023 Luxury Tax Threshold
$165,294,000.00
2023 Apron1
$172,346,000.00
2023 Apron2
$182,500,000.00](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fcb04a0b5-9adf-4f05-b09e-0027ad0b3702%2F7e464865-f624-4135-b04d-e3375f2f9b66%2Fz0mntfq_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Team salary above tax level
Non-repeater
Repeater
Lower
Upper
Tax rate
Incremental maximum Tax rate
$0
$4,999,999
$1.50
$7.5 million
$2.50
$12.5 million
$5,000,000
$9,999,999
$1.75
$8.75 million
$2.75
Incremental maximum
$13.75 million
$10,000,000
$14,999,999 $2.50
$12.5 million
$3.50
$17.5 million
$15,000,000
$19,999,999
$3.25
$16.25 million
$4.25
$21.25 million
$20,000,000
N/A
$3.75, and increasing $.50 for
each additional $5 million.
N/A
$4.75, and increasing $.50 for
each additional $5 million.
N/A
2023 Salary Cap
$136,021,000.00
2023 Luxury Tax Threshold
$165,294,000.00
2023 Apron1
$172,346,000.00
2023 Apron2
$182,500,000.00
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