1. Flip's Pizzeria Inc. has the following financial items for the current year: Advertising Expenses $75,000 Cost of Goods Sold $765,000 Dividend Income (Flip owns less than 20% of the other corporation) $4,500 Interest Expense $6,000 Municipal Bond Interest Income $2,500 Other Operating Expenses $540,000 Sales $1,810,000 Wages and Salaries $400,000 Calculate Flip's taxable income for the current year.

2. Suppose XYZ Inc.'s taxable income for the current year is $14,349,500. Calculate XYZ's tax liability.

3. Suppose XYZ Inc.'s taxable income for the current year is $45,000. Calculate XYZ's tax liability.

4. You are finishing your 3rd year in business with $503,000 of gross income and $255,000 in deductions. Two years ago, you had a net loss of $97,000 and last year, you had a net loss of $70,000. Calculate your taxable income for this year.