Quantitative Problem: Jenna is a single taxpayer. During $2018,$ she earned wages of $$134,000.$ She doesn't itemize deductions, so she will take the standard deduction to calculate $2018$ taxable income. In addition, during the year she sold common stock that she had owned for five years for a net profit of $$6,000.$ How much does Jenna owe to the IRS for taxes? Do not round intermediate calculations. Round your answer to the nearest cent.Corporations earn most of their income from operations; however, they may also receive interest and dividend income.

Dividend

income is taxed as ordinary income; however,

interest

income is taxed more favorably. $50\%$ of

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received is excluded from taxable income, while the remaining $50\%$ is taxed at the ordinary tax rate. For businesses,

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payments are regarded as an expense so they are tax deductible; however,

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payments are not tax deductible. Consequently, our tax system encourages

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financing over

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financing. Depreciation expense is tax deductible, so the larger the depreciation, the

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the taxable income, the

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the taxes, and the

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the firm's operating cash flow.

Quantitative Problem: Andrews Corporation has income from operations of $$220,000.$ In addition, it received interest income of $$22,000$ and received dividend income of $$31,900$ from another corporation. Finally, it paid $$12,900$ of interest income to its bondholders and paid $$42,400$ of dividends to its 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 cent.