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Microsoft Corporation has undergone a change in tax policy which increased the corporate tax rate from 21% to 28% effective January 1, 2024. The following

Microsoft Corporation has undergone a change in tax policy which increased the corporate tax rate from 21% to 28% effective January 1, 2024. The following information pertains to Microsoft for the fiscal year ending December 31, 2024:

  • Income before taxes: $20,000,000
  • Previous year’s tax expense: $4,200,000

Calculate the tax expense for the year 2024 and the net income after the tax policy change.

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