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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)
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 15,000,000Step by Step Solution
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