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Lansing's pretax income this year was $421,000. What was the total taxes paid for Lansing, Inc.? Use the corporate tax rate schedule below. Taxable income
Lansing's pretax income this year was $421,000. What was the total taxes paid for Lansing, Inc.? Use the corporate tax rate schedule below. |
Taxable income | Tax Owed | |
More than | But Not More Than | |
$0 | $50,000 | 15% of amount beyond $0 |
$50,000 | $75,000 | $7,500 + 25% of amount beyond $50,000 |
$75,000 | $100,000 | $13,750 + 34% of amount beyond $75,000 |
$100,000 | $335,000 | $22,250 + 39% of amount beyond $100,000 |
$335,000 | $10,000,000 | $113,900 + 34% of amount beyond $335,000 |
$10,000,000 | $15,000,000 | $3,400,000 + 35% of amount beyond $10,000,000 |
$15,000,000 | $18,333,333 | $5,150,000 + 38% of amount beyond $15,000,000 |
$18,333,333 | --------------- | 35% on all income |
A) | $248,200 |
B) | $143,140 |
C) | $134,300 |
D) | $237,400 |
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