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Microchip Inc. had the following profits and losses in the years indicated. 2013 $ 5,500,000 2014 350,000 2015 (4,000,000) Corporate Income Tax Schedule Income ($)
Microchip Inc. had the following profits and losses in the years indicated.
2013 | $ 5,500,000 |
2014 | 350,000 |
2015 | (4,000,000) |
Corporate Income Tax Schedule | ||
Income ($) | Rate (%) | |
0 - 50,000 | 15 | |
50,000 - 75,000 | 25 | |
75,000 - 100,000 | 34 | |
100,000 - 335,000 | 39 | |
335,000 - 10,000,000 | 34 | |
10,000,000 - 15,000,000 | 35 | |
15,000,000 - 18,333,333 | 38 | |
Over 18,333,333 | 35 |
How much federal tax will it eventually pay for 2013? The corporate rate schedule is the same for all three years. Use carry back to 2013 year. Round the answer to the nearest dollar.
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