profit of $6,600. How much does Jenna owe to the IRS for taxes? Do not round intermediate calculations. Round your answer to the nearest cent. $ Corporate Corporations earn most of their income from operations; however, they may also receive interest and dividend income. income is taxed as ordinary income; however, income is taxed more favorably. 50% of received is excluded from taxable income, while the expense is tax deductible, so the larger the depreciation, the lower V the taxable income, the lower V the taxes, and the higher V the firm's operating cash flow. common stockholders. The firm's federal tax rate is 21%. What is the firm's federal income tax? Do not round intermediate calculations. Round your answer to the nearest dollar: $