Quantitative Problem: Jenna is a single taxpayer with no dependents so she qualifies for one personal exemption. During 2017, she earned wages of $133,000. She doesn't itemize deductions, so she will take the standard deduction and her personal exemption to calculate 2017 taxable income In addition, during the year she sold common stock that she had owned for five years for a net profit of $5,200. How much does Jenna owe to the IRS for taxes? Round your intermediated and final answers to the nearest cent 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, 70% of dividends received is excluded from taxable income, while the remaining 30% is taxed at the ordinary tax rate. For businesses, interest payments are regarded as an expense so they are tax deductible; however, I dividend-payments are not tax deductible. Consequently, our tax system encourages debt financing over equity financing Depreciation expense is tax deductible, so the larger the depreciation, the lower the taxable income, the lower the taxes, and the higher the firm's operating cash flow. The projected 2017 tax rate schedule for corporations is shown below 2017 Corporate Tax Rates It Pays This Amount on the Base of the Bracket Plus This Percentage on the Excess over the Base (Marginal Rate) Average Tax Rate at Top of Bracket If a Corporation's Taxable Income Is Up to $50,000 $50,000 $75,000 $75,000 $100,000 $100,000 $335,000 $335,000 $10,000,000 $10,000,000 - $15,000,000 $15,000,000 - $18,333,333 Over $18,333,333 15.0% 25.0 34.0 39.0 34.0 35.0 15.0% 18.3 22.3 7,500 13,750 22,250 113,900 3,400,000 5,150,000 38.0 35.0 6,416,667 35.0 35.0 Quantitative Problem: Andrews Corporation has income from operations of $255,000. In addition, it received interest income of $25,500 and received dividend income of $32,300 from another corporation. Finally, it paid $11,500 of interest income to its bondholders and paid $42,800 of dividends to its common stockholders. Using the 2017 corporate tax schedule, what is the firm's federal income tax? Round your intermediate and final answers to the nearest cent