Exercise 21.1 Estimating corporation income tax. LO 21-1 After all revenue and expense accounts, other than Income Tax Expense, have been extended to the Income Statement section of the worksheet of Shoes4u, Inc., the net income is determined to be $314,000. Using the tax rates given in this chapter, compute the corporation's federal income taxes payable. (Assume that the firm's taxable Income is the same as its income for financial accounting purposes.) (Use Table 1) etlook Hint Taxable income Tax rate Tax for year References 15 % 25 % 34% 39 %