1.) A company wants to set up a new office in a country where the corporate tax rate is as follows: 14% on 1^st $25,000, 20% on next $45,000, 36% on next $40,000 and 30% on everything over $100,000. Executives estimate they will have gross revenue of $595,000, total cost of $345,000, $35,000 in allowable deductions and a one-time business start-up credit of $11,500. What is the taxable income for the first year and how much should the company expect to pay in taxes?