Quantitative Problem: Jenna is a single taxpayer. During $2018,$ she earned wages of $$115,000.$ She doesn't itemize deductions, so she will take the standard deduction to calculate $2018$ taxable income. In addition, during the year she sold common stock that she had owned for five years for a net profit of $$7,300.$ How much does Jenna owe to the IRS for taxes? Do not round intermediate calculations. Round your answer to the nearest cent.

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Corporate

Corporations earn most of their income from operations; however, they may also receive interest and dividend income. Interest ~~ income is taxed as ordinary income; however, dividend ~~ income is taxed more favorably. $50\%$ of dividends ~~ received is excluded from taxable income, while the remaining $50\%$ is taxed at the ordinary tax rate. For businesses, interest ~~ payments are regarded as an expense so they are tax deductible; however, dividend ~~ payments are not tax deductible. Consequently, our tax system encourages debt hat$($~~$)$ financing over equity hat$($~~$)$ financing. Depreciation expense is tax deductible, so the larger the depreciation, the $$ the taxable income, the lower ~~ the taxes, and the higher ~~ the firm's operating cash flow.

Quantitative Problem: Andrews Corporation has income from operations of $$260,000.$ In addition, it received interest income of $$26,000$ and received dividend income of $$30,200$ from another corporation. Finally, it paid $$10,600$ of interest income to its bondholders and paid $$47,800$ 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 dollar.

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