Corporate Tax Liability To complete the assignments listed below, refer to the Table 6-1. The Wendt Corporation had $11.5 million of taxable income. a. What is the company's federal income tax bill for the year? Enter your answer in dollars. For example, an answer of $1.2 million should be entered as 1,200,000. Round your answer to the nearest dollar b. Assume the firm receives an additional $1.25 million of interest income from some bonds it owns. What is the tax on this interest income? Enter your answer in dollars. For example, an answer of $1.2 million should be entered as 1,200,000. Round your answer to the nearest dollar c. Now assume that Wendt does not receive the interest income but does receive an additional $2.5 milion as dividends on some stock it owns What is the tax on this dividend income? Enter your answer in dollars. For example, an answer of $1.2 million should be entered as 1,200,000. Round your answer to the nearest dollar. TABLE 6-1 Corporate Tax Rates as of February 2017 If a Corporation's Taxable income is Average Tax Rate at Top of Bracket 15.0% Up to $50,000 15% 00 It Pays This Amount on Plus This Percentage on the Base of the Bracket the Excess over the Base $0 $7,500 $13,750 $22,250 $113,900 $3,400,000 $5,150,000 $6,416,667 $50,000-$75,000 $75,000-$100,000 $100,000-$335,000 $335,000-$10,000,000 $10,000,000-$15,000,000 $15,000,000-$18,333,333 Over $18,333,333 22.3 34.0 34.0 8,333 343 35.0 35.0