Question
ansing's pretax income this year was $421,000. What was the total taxes paid for Lansing, Inc.? Use the corporate tax rate schedule below. Taxable income
ansing's pretax income this year was $421,000. What was the total taxes paid for Lansing, Inc.? Use the corporate tax rate schedule below. Taxable income Tax Owed More than But Not More Than $0 $50,000 15% of amount beyond $0 $50,000 $75,000 $7,500 + 25% of amount beyond $50,000 $75,000 $100,000 $13,750 + 34% of amount beyond $75,000 $100,000 $335,000 $22,250 + 39% of amount beyond $100,000 $335,000 $10,000,000 $113,900 + 34% of amount beyond $335,000 $10,000,000 $15,000,000 $3,400,000 + 35% of amount beyond $10,000,000 $15,000,000 $18,333,333 $5,150,000 + 38% of amount beyond $15,000,000 $18,333,333 --------------- 35% on all income A) $248,200 B) $143,140 C) $134,300 D) $237,400
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