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Find the total tax A company has a taxable income as follows. Year 8 Income Before Taxes ($200,000) $50,000 ($200,000) $300,000 $200,000 $250,000 $300,000 $400,000
Find the total tax
A company has a taxable income as follows. Year 8 Income Before Taxes ($200,000) $50,000 ($200,000) $300,000 $200,000 $250,000 $300,000 $400,000 9 $450,000 10 $350,000 Tax is: How much will the company pay in income taxes in the 10 years? Please use the following tax rate schedule. Please state the total tax $. Tax Rate Schedule If taxable income (line 30, Form 1120) on page 1 is: Over- But not over- Of the amount over- $0 $50,000 15% 50,000 75,000 $ 7,500 + 25% 50,000 75,000 100,000 13,750 + 34% 75,000 100,000 335,000 22,250 + 39% 100,000 335,000 10,000,000 113,900 + 34% 335,000 10,000,000 15,000,000 3,400,000 + 35% 10,000,000 15,000,000 18,333,333 5,150,000 + 38% 15,000,000 18,333,333 35% $O 0Step by Step Solution
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