?(Computing income taxes?)

The William B. Waugh Corporation is a regional Toyota dealer. The firm sells new and used trucks and is actively involved in the parts business. During the most recent? year, the company generated sales of

$ 3.09 million. The combined cost of goods sold and the operating expenses were ?$2.03 million.? Also, ?$405000

in interest expense was paid during the year.

The? corporation's tax liability is

?(Round to the nearest? dollar.)

Corporate Tax Rates -15% $0-$50,000 $50,001-$75,000 $75,001 $10,000,000 over $10,000,000 25% 34% 35% Additional surtax: 5% on income between $100,000 and $335,000 -3% on income between $15,000,000 and $18,333,333 (Click on the icon located on the top-right corner of the data table above in order to copy its contents into a spreadsheet.)