Q3. Two companies, ABC and XYZ, have the following values on their annual tax returns: Company	ABC	XYZ
Sales revenue, $	1,500,000	820,000
Interest revenue, $	31,000	25,000
Operating expenses, $	754,000	591,000
Depreciation, $ (a) Calculate the exact federal income taxes for the year. (b) Determine the percentage of sales revenue each company will pay in federal income taxes. (c) Estimate the taxes using an effective rate on the entire TI of the marginal percentages in Table 171, that is, 34% for ABC and 39% for XYZ. Determine the percentage errors made relative to the exact taxes in (a).	148,000	18,000

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TABLE 17-1 U.S. Corporate Income Tax Rate Schedule If Taxable income ($) Is: But Not Over Of the Amount Over Over Tax Is 0 50,000 75,000 100,000 335,000 10,000,000 15,000,000 18,333,333 50,000 75,000 100,000 335,000 10,000,000 15,000,000 18,333,333 15% 7,500 + 25% 13,750 + 34% 22,250 + 39% 113,900 + 34% 3,400,000 + 35% 5,150,000 + 38% 35% 0 50,000 75,000 100,000 335,000 10,000,000 15,000,000 0