Question $15$

Which one of the following statements concerning corporate income taxes is correct?

U$.$S$.$ corporations are exempt from federal taxation.

Corporations pay no tax on their first $$50,000$ of income.

The federal income tax is applied at a flat rate across all letels of taxable income.

The marginal tax rate will always be lower than the average tax rate.

The first $25$ percent of corporate income is exempt from taxation.