3) The Federal Deposit Insurance Corporation (FDIC) A) is an agency, created by the Glass-Steagall Act, that monitors banks on a regular basis to ensure that they were safe and sound. B) is an agency that monitors business combinations between commercial banks, investment banks, and insurance companies C) guarantees individuals will not lose any money held at any type of financial institution that fails D) guarantees individuals will not lose any money, up to a specified amount, held at any type of financial institution that fails Answer: Using the Corporate Tax Rate Schedule (Table 2.1) please give the following for a corporation with ordinary income of $1,150,000 Base Tax $ Marginal Tax Rate Marginal Tax $ Total Tax Liability $_ Average Tax Rate After Tax Earnings (Table 2.1 ) Tax calculation (Marginal rate x amount over base bracket) Range of taxable income Basc tax + X amount tiver S 03 inant (iver antounit over to to TO to to to $ 50,000 $ 75,000 100,000 335.000 10,000,000 15,000,000 18,333,133 0 50,000 75,000 100,000 335.000 10,000,000 15,000,000 Over 18.333,333 a (15%. (25 634 39 134 t over 0 7,500 13.750 22.250 11.3.900 3,400,000 3,130.000 6,416,667 - + . - - + + ver 50,000) 75.000) 100,000) 335,000 10,000,000) 15,000,000) 18,333,333) amount over amount over (38 (35 amount over