la 12 7. Last year, Davis Company had $1,000,000 in taxable income from its operations, $20,000 in interest income, and $300,000 in dividend income. Using the corporate tax rate table given below, what was the company's tax liability for the year? (hints! 70% of divide received are is excluded from taxable income and for total taxable income, when calculating the corporate tax amount, you should sem all the income up except 70% of dividends received) Tax on Base Bracket Percentage on Excess above Base 15% 25 34 Taxable income So-$50,000 $50,000-$75,000 $75,000-$100,000 $100,000-$335,000 S335,000-$10,000,000 $10,000,000-$15,000,000 $15,000,000-$18,333,333 5, Over $18,333,333 a. S177,973 b. $183,340 c. $183,600 5377,400 e. $377,000 7,500 13,750 22,250 113,900 3,400,000 5,150,000 6,416,667 39 34 him from at a rate of 3.0%