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If a Corporation's Taxable Income Is Up to $50,000 $50,000 - $75,000 $75,000 - $100,000 $100,000 - $335,000 $335,000 - $10,000,000 $10,000,000 - $15,000,000 $15,000,000
If a Corporation's Taxable Income Is Up to $50,000 $50,000 - $75,000 $75,000 - $100,000 $100,000 - $335,000 $335,000 - $10,000,000 $10,000,000 - $15,000,000 $15,000,000 - $18,333,333 Over $18,333,333 2013 Corporate Tax Rates It Pays This Plus This Percentage Amount on the on the Excess over the Base of the Bracket Base (Marginal Rate) so 15.0% 15.0% 7500 7,500 25.0 13,750 34.0 22,250 20 39.0 113.900 24 34.0 3,400,000 35.0 5,150,000 38.0 6,416,667 35.0 Average Tax Rate at Top of Bracket 15.0% 102 18.3 22.3 34.0 2A 34.0 34.3 35.0 35.0 Quantitative Problem: Andrews Corporation has income from operations of $226,000. In addition, it received interest income of $22,500 and received dividend income of $28,300 from another corporation. Finally, it paid $11,500 of interest income to its bondholders and paid $41,400 of dividends to its common stockholders. Using the 2013 corporate tax schedule, what is the firm's federal income tax? Round your intermediated and final answers to the nearest cent
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