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2013 Corporate Tax Rates You Pay This Plus This Percentage Amount on the on the Excess over the If Your Taxable Income Is Base of
2013 Corporate Tax Rates You Pay This Plus This Percentage Amount on the on the Excess over the If Your Taxable Income Is Base of the Bracket Base (Marginal Rate) Up to $50,000 $0 15.0% $50,000 - $75,000 7,500 25.0 $75,000 - $100,000 13,750 34.0 $100,000 - $335,000 22,250 39.0 $335,000 - $10,000,000 113,900 34.0 $10,000,000 - $15,000,000 3,400,000 35.0 $15,000,000 - $18,333,333 5,150,000 38.0 Over $18,333,333 6,416,667 35.0 Average Tax Rate at Top of Bracket 15.0% 18.3 22.3 34.0 34.0 34.3 35.0 35.0 Quantitative Problem: Andrews Corporation has income from operations of $239,000. In addition, it received interest income of $23,900 and received dividend income of $31,800 from another corporation. Finally, it paid $11,000 of interest income to its bondholders and paid $44,700 of dividends to its common stockholders. Using the 2013 corporate tax schedule, what is the firm's federal income tax? Round your intermediated and final answers to the nearest cent. $
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