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Determine the amount of tax liability for the corporation in each of the following cases. Use corporate tax table. (Round your answer to the nearest
Determine the amount of tax liability for the corporation in each of the following cases. Use corporate tax table. (Round your answer to the nearest whole dollar amount.) Taxable income of $42,200. Taxable income of $415,700. Taxable income of $4,150,700. Taxable income of $14,150,700. Taxable income of $41,500,700.
Corporate Tax Rates Taxable Income Over Of the Amount Over But Not Over The Tax Is $ 50,000 75,000 100,000 335,000 10,000,000 15,000,000 18,333,333 15% $ 50,000 75,000 100,000 335,000 10,000,000 15,000,000 18,333,333 7,500 + 25% 13,750 + 34% 22,250 + 39% 113,900 + 34% 5% 5,150,000+38% 35% of taxable income 50,000 75,000 100,000 335,000 2 3,400,000+3 10,000,000 15,000,000Step by Step Solution
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