(10 points) Name.com Calculate FY 2019 Federal Income Taxes for XYZ Corporation. Remember the corporate income tax rate for 2019 includes a federal flat tax rate of 21% and, assuming the average state income tax for corporation is 5%, the total corporate tax rate is a flat 26%. XYZ Corporation has the following income, deductions and dividends of $800,000 received from another corporation in which it has less than a 10 percent ownership: Income (EBIT) Less Interest deduction Taxable Dividends receiveda Taxable income $14,000,000 (1,600,000) 240,000 $12.640.000 For a corporation, 70% of dividends received are excluded from taxes*; therefore, taxable dividends are calculated as $800,000(1 - 0.70) = $240,000. 2019 FY Taxes =