Hallick, Incorporated has a fiscal year ending June 30. Taxable income was $7,000,000 for its year ended June 30, 2018, and it projects similar taxable income for its 2022 fiscal year. Use 2017 tax rate schedule if needed.

Required:

Compute Hallicks regular tax liability for its June 30, 2018, tax year.

Compute Hallick's projected regular tax liability for its June 30, 2022, tax year

If taxable income is	The tax is
Not over $50,000	15% of taxable income
Over $50,000 but not over $75,000	$7,500 + 25% of the excess over $50,000
Over $75,000 but not over $100,000	$13,750 + 34% of the excess over $75,000
Over $100,000 but not over $335,000	$22,250 + 39% of the excess over $100,000
Over $335,000 but not over $10,000,000	$113,900 + 34% of the excess over $335,000
Over $10,000,000 but not over $15,000,000	$3,400,000 + 35% of the excess over $10,000,000
Over $15,000,000 but not over $18,333,333	$5,150,000 + 38% of the excess over $15,000,000
Over $18,333,333	$6,416,667 + 35% of the excess over $18,333,333