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G. R. Edwin Inc. had sales of $6.16 million during the past year. The cost of goods sold amounted to $3.02 million. Operating expenses totaled
G. R. Edwin Inc. had sales of $6.16 million during the past year. The cost of goods sold amounted to $3.02 million. Operating expenses totaled $2.63 million, and interest expense was $26,000. Determine the firm's tax liability by using the corporate tax rate structure in the popup window.
Corporate Tax Rates
15% $0$50,000
25%. $50,001$75,000
34%. $75,001$10,000,000
35%. over $10,000,000
Additional surtax:
5% on income between $100,000 and $335,000
3% on income between $15,000,000 and $18,333,333
Can someone help with this,please!
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