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Assume the following tax schedule for 2 0 2 3 . Taxable Income Tax Rate$ 0 - 6 0 , 0 0 0 5 %

Assume the following tax schedule for 2023.Taxable Income Tax Rate$ 0-60,0005%$ 60,001-85,00010% $ 85,001-120,00020%$120,001-500,00030% Hammond Fine Foods earned $110,000 before taxes (EBT on our income statement) in 2023. In other words, the Taxable Income was $110,000. What is the firms tax liability?

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