Problem 3-16 (similar to) Question Help (Computing income taxes) The William B. Waugh Corporation is a regional Toyota dealer. The firm sells new and used trucks and is actively involved in the parts business. During the most recent year, the company generated sales of $3.01 million. The combined cost of goods sold and the operating expenses were $2.17 million. Also, $391,000 in interest expense was paid during the year. Calculate the corporation's tax liability by using the corporate tax rate structure in the popup window. EEB The corporation's tax liability is $(Round to the nearest dollar.) i Data Table Corporate Tax Rates 15% 25% 34% 35% Additional surtax: +5% on income between $100,000 and $335,000 -3% on income between $15,000,000 and $18,333,333 $0 $50,000 $50,001-$75,000 $75,001-$10,000,000 over $10,000,000 (Click on the icon located on the top-right corner of the data table above in order to copy its contents into a spreadsheet.) Print Done