Question
Hunt Taxidermy. Inc. is concerned about the taxes paid by the company in 2018. In addition to $4.3 million of taxable income, the firm received
Hunt Taxidermy. Inc. is concerned about the taxes paid by the company in 2018. In addition to $4.3 million of taxable income, the firm received $304,000 of interest on state-issued bonds and $140,000 of dividends on common stock it owns in Oakdale Fashions, Ins. (Use Table 2.3) Calculate Hunt Taxidermys tax liability. (Enter your answer in dollars not in millions. Round your answer to the nearest dollar amount.) Table 2.3 Corporate Tax Rates as of 2015 Taxable Income Pay this Amount on Base Income Plus this Percentage on Anything Over the Base $0-$50,000 $0 15% $50,001-$75,000 7,500 25 $75,001-$100,000 13,750 34 $100,001-$335,000 22,250 39 $335,001-$10,000,000 113,900 34 $10,000,001-$15,000,000 3,400,000 35 $15,000,001-$18,333,333 5,150,000 38 Over $18,333,333 6,416,667 35
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