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5) Suppose that a firm for a tax year has a gross income of $1,570,000, expenses (excluding capital) of $827,500, and depreciation deductions of $124,300. Using the corporate tax rates from the Table 7-5, what is the taxable income and federal income tax for the tax year? (10 p.) TABLE 7-5 Corporate Federal Income Tax Rates (2006) If Taxable income is: The Tax is: Over But Not Over of the Amount Over 0 $50,000 15% 0 $50,000 75,000 $7,500 + 25% $50,000 75,000 100,000 13,750 + 34% 75,000 100,000 335,000 22,250 +39% 100,000 335,000 10,000,000 113,900 + 34% 335,000 10,000,000 15,000,000 3,400,000 + 35% 10,000,000 15,000,000 18,333,333 5,150,000+ 38% 15,000,000 18,333,333 35% 0 Source: Tax Information on Corporations, IRS Publication 542, 2006