A. Robbins Corporation is a retail dealer for electrical equipment. The taxable income is $701,500. Calculate the tax liability. Corporate Tax Rates 15% $ 0$50,000 25% $ 50,001$75,000 34% $75,001$10,000,000 35% over $10,000,000 Additional surtax: 5% on income between $100,000 and $335,000. 3% on income between $15,000,000 and $18,333,333. B. Taxes are a fact of life, and businesses, like individuals, must pay taxes on Income Elucidate.