Calculate FY 2022 Federal Income Taxes for Allen-Baxter Corporation. Remember, currently, the corporate income tax rate on taxable income for 2022 is a federal flat tax rate of 21%. Thus, assuming the average state income tax for corporation is 5%, the total corporate tax rate is a flat 26%. Allen-Baxter Corporation has the following income, deductions and dividends of $3,200,000 received from another corporation in which it has less than a 10 percent ownership: Income (EBIT)

$56,000,000 Less Interest deduction (6,400,000) Taxable Dividends receiveda 960,000 Taxable income $50,560,000 aFor a corporation, 70% of dividends received are excluded from taxes*; therefore, taxable dividends received are calculated as $3,200,000(1 - 0.70) = $960,000.

2022 FY Taxes = _________________ = $___________________

Alternatively, the Biden Administration originally proposed under the Build-Back Better bill a 28% federal flat tax rate on corporate taxable income. Assuming this new federal corporate tax rate had passed and was in effect for FY 2022, and the average state income tax for corporations remain at 5%, the total corporate tax rate is a flat 33%. What would total corporate taxes be for Allen-Baxter Corporation for FY 2022, assuming a combined federal and state rate of a flat 33%.

Alternative 2022 FY Taxes = _______________ = $ __________

If you could please answer both questions and show work that would be amazing!