Corporate Tax Schedule

If Corporation's Taxable	It Pays This Amount on the	Plus this Percentage on the
Income is:	Base of the Bracket:	Excess Over the Base:
Up to $50,000	0	15%
$50,000 -- $75,000	$7,500	25%
$75,000 -- $100,000	$13,750	34%
$100,000 -- $335,000	$22,250	39%
$335,000 -- $10,000,000	$113,900	34%
$10,000,000 -- $15,000,000	$3,400,000	35%
$15,000,000 -- $18,333,333	$5,150,000	38%
Over $18,333,333	$6,416,667	35%

a. Using the Corporate Tax Schedule shown above, calculate the tax liability of a corporation with ordinary income of $105,000.

b. Calculate the tax liability of a corporation with ordinary income of $1,100,000.

c. Jennings, Inc. has a tax liability of $170,000 on pre-tax income of $500,000. What is the average

tax rate for Jennings, Inc.?

Please show all calculations, thank you!