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Jing Corporation reports the following items for book and tax purposes in its first year of operations (year 1) A-Calculate Jings Federal tax liability (show

Jing Corporation reports the following items for book and tax purposes in its first year of operations (year 1)image text in transcribed

image text in transcribed A-Calculate Jings Federal tax liability (show your calculation). The tax table is in your textbook. B- Caculate jings Federal effective tax rate. (show your calculation)

Income Tax Rates-Corporations Taxable Income Over But not Over 50,000 50,000 75,000 100,000 75,000 100,000 335,000 10,000,000 335,000 10,000,000 15,000,000 15,000,000 18,333,333 18,333,333 The Tax is: 15% 7,500 25% 13,750 34% 22,250 39% 113,900 34% 3,400,000 35% 5,150,000 38% 35% of the Amount Over 50,000 75,000 100,000 335,000 10,000,000 15,000,000

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